DE CEM BER 1998

FI NAN CIAL OP ER A TIONS

PRO FILE OF THE ECON OMY

Anal y sis.—Sum mary of eco nomic in di ca tors .............................................................. . 3

FED ERAL FIS CAL OP ER A TIONS

Introduction.—Fed eral fis cal op er a tions .................................................................. . 8

Anal y sis.—Bud get re sults and fi nanc ing of the U.S. Gov ern ment and third-quar ter re ceipts by source ................. . 9

FFO-A.—Chart: Monthly re ceipts and out lays ............................................................ . 11

FFO-B.—Chart: Bud get re ceipts by source ............................................................... . 11

FFO-1.—Sum mary of fis cal op er a tions.................................................................. . 12

FFO-2.—On-budget and off-budget re ceipts by source...................................................... . 13

FFO-3.—On-budget and off-budget out lays by agency...................................................... . 15

FFO-4.—Sum mary of re ceipts by source and out lays by func tion of the U.S. Gov ern ment, fourth-quar ter fis cal year 1998 and

 other pe ri ods ............................................................................... . 17

AC COUNT OF THE U.S. TREA SURY

In tro duc tion: Source and avail abil ity of the bal ance in the ac count of the U.S. Trea sury............................ . 18

UST-1.—El e ments of changes in Fed eral Re serve and tax and loan note ac count bal ances.......................... . 18

FED ERAL DEBT

In tro duc tion: Fed eral debt ............................................................................ . 20

FD-1.—Sum mary of Fed eral debt ...................................................................... . 21

FD-2.—In ter est-bearing pub lic debt .................................................................... . 22

FD-3.—Gov ern ment ac count se ries..................................................................... . 23

FD-4.—In ter est-bearing se cu ri ties is sued by Gov ern ment agen cies ............................................ . 24

FD-5.—Ma tu rity dis tri bu tion and av er age length of mar ket able in ter est-bearing pub lic debt held by pri vate in ves tors ... . 25

FD-6.—Debt sub ject to stat u tory lim i ta tion............................................................... . 25

FD-7.—Trea sury hold ings of se cu ri ties is sued by Gov ern ment cor po ra tions and other agen cies...................... . 26

FD-A.—Chart: Av er age length of pri vately held mar ket able debt ............................................. . 28

PUB LIC DEBT OP ER A TIONS

In tro duc tion: Pub lic debt op er a tions .................................................................... . 29

TREA SURY FI NANCING ........................................................................... . 29

PDO-1.—Ma tu rity sched ules of in ter est-bearing mar ket able pub lic debt se cu ri ties other than reg u lar weekly

 and 52-week Trea sury bills out stand ing .......................................................... . 32

PDO-2.—Of fer ings of bills ........................................................................... . 38

PDO-3.—Pub lic of fer ings of mar ket able se cu ri ties other than reg u lar weekly Trea sury bills ........................ . 40

PDO-4A.—Al lot ments by in ves tor classes for mar ket able pub lic debt se cu ri ties other than bills ..................... . 43

PDO-4B.—Al lot ments by in ves tor classes for mar ket able pub lic debt se cu ri ties for bills other than reg u lar weekly se ries45

U.S. SAV INGS BONDS AND NOTES

In tro duc tion: Sav ings bonds and notes................................................................... . 46

SBN-1.—Sales and re demp tions by se ries, cu mu la tive ...................................................... . 46

SBN-2.—Sales and re demp tions by pe riod, all se ries of sav ings bonds and notes com bined......................... . 46

SBN-3.—Sales and re demp tions by pe riod, se ries E, EE, H, HH, and I ......................................... . 47

OWN ER SHIP OF FED ERAL SE CU RITIES

In tro duc tion: Own er ship of Fed eral se cu ri ties............................................................. . 48

OFS-1.—Dis tri bu tion of Fed eral se cu ri ties by class of in ves tors and type of is sues................................ . 49

OFS-2.—Es ti mated own er ship of pub lic debt se cu ri ties by pri vate in ves tors..................................... . 50

MARKET YIELDS

In tro duc tion: Mar ket yields ........................................................................... . 51

MY-1.—Trea sury mar ket bid yields at con stant ma tu ri ties: bills, notes, and bonds ................................ . 51

MY-A.—Chart: Yields of Trea sury se cu ri ties ............................................................. . 52

MY-2.—Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds.................................. . 53

MY-B.—Chart: Av er age yields of long-term Trea sury, cor po rate, and mu nic i pal bonds ............................ . 56

Con tents
U.S. CUR RENCY AND COIN OUT STAND ING AND IN CIR CU LA TION

In tro duc tion: U.S. cur rency and coin out stand ing and in cir cu la tion............................................ . 57

USCC-1.—Amounts out stand ing and in cir cu la tion; cur rency, coin ............................................ . 57

USCC-2.—Amounts out stand ing and in cir cu la tion; by de nom i na tion, per ca pita com par a tive to tals.................. . 58

IN TER NA TIONAL STA TIS TICS

IN TER NA TIONAL FI NAN CIAL STA TIS TICS

In tro duc tion: In ter na tional fi nan cial sta tis tics ............................................................. . 61

IFS-1.—U.S. Re serve as sets........................................................................... . 61

IFS-2.—Se lected U.S. li a bil i ties to for eign ers............................................................. . 62

IFS-3.—Non mar ket able U.S. Trea sury bonds and notes is sued to of fi cial in sti tu tions

 and other res i dents of for eign coun tries ........................................................... . 63

CAP I TAL MOVE MENTS

In tro duc tion: Cap i tal move ments....................................................................... . 64

SEC TION I.—LI A BIL ITIES TO FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-I-1.—To tal li a bil i ties by type of holder .............................................................. . 65

CM-I-2.—To tal li a bil i ties by type, pay able in dol lars ....................................................... . 66

CM-I-3.—To tal li a bil i ties by coun try.................................................................... . 67

CM-I-4.—To tal li a bil i ties by type and coun try ............................................................ . 69

CM-A.—Chart: U.S. li a bil i ties to for eign ers re ported by U.S. banks, bro kers, and deal ers with re spect to

 se lected coun tries............................................................................ . 71

SEC TION II.—CLAIMS ON FOR EIGNERS RE PORTED BY BANKS IN THE UNITED STATES

CM-II-1.—To tal claims by type ........................................................................ . 72

CM-II-2.—To tal claims by coun try ..................................................................... . 73

CM-II-3.—To tal claims on for eign ers by type and coun try ................................................ . . . 75

CM-B.—Chart: U.S. claims on for eign ers re ported by U.S. banks, bro kers, and deal ers with re spect to se lected coun tries... .

77

SEC TION III.—SUP PLE MEN TARY LI A BIL ITIES AND CLAIMS DATA RE PORTED BY BANKS IN THE UNITED

 STATES

CM-III-1.—Dol lar li a bil i ties to, and dol lar claims on, for eign ers in coun tries and ar eas not reg u larly re ported sep a rately78

SEC TION IV.—LI A BIL ITIES TO, AND CLAIMS ON, FOR EIGNERS RE PORTED BY NONBANKING BUSI NESS

 EN TER PRISES IN THE UNITED STATES

CM-IV-1.—To tal li a bil i ties and claims by type............................................................ . 79

CM-IV-2.—To tal li a bil i ties by coun try .................................................................. . 80

CM-IV-3.—To tal li a bil i ties by type and coun try........................................................... . 82

CM-IV-4.—To tal claims by coun try .................................................................... . 84

CM-IV-5.—To tal claims by type and coun try ............................................................. . 86

CM-C.—Chart: Net pur chases of long-term do mes tic se cu ri ties by for eign ers, se lected coun tries .................... . 88

SEC TION V.—U.S. IN TER NA TIONAL TRANS AC TIONS IN LONG-TERM SE CU RITIES

CM-V-1.—U.S. trans ac tions with for eign ers in long-term do mes tic se cu ri ties by type ............................. . 89

CM-V-2.—U.S. trans ac tions with for eign ers in long-term for eign se cu ri ties by type .............................. . 89

CM-V-3.—Net for eign trans ac tions in long-term do mes tic se cu ri ties by type and coun try .......................... . 90

CM-V-4.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, 

 dur ing (third quar ter)........................................................................ . 92

CM-V-5.—U.S. trans ac tions with for eign ers in long-term do mes tic and for eign se cu ri ties, by type and coun try, 

 dur ing (cal en dar year) ....................................................................... . 94

CM-D.—Chart: Net pur chases of long-term for eign se cu ri ties by U.S. in ves tors.................................. . 96

FOR EIGN CUR RENCY PO SI TIONS

In tro duc tion: For eign cur rency po si tions................................................................. . 97

IV

Con tents
SEC TION I.—CA NA DIAN DOL LAR PO SI TIONS

FCP-I-1.—Weekly re port of ma jor mar ket par tic i pants...................................................... . 98

FCP-I-2.—Monthly re port of ma jor mar ket par tic i pants..................................................... . 99

FCP-I-3.—Quar terly re port of large mar ket par tic i pants..................................................... . 99

SEC TION II.—GER MAN MARK PO SI TIONS

FCP-II-1.—Weekly re port of ma jor mar ket par tic i pants .................................................... . 100

FCP-II-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... . 101

FCP-II-3.—Quar terly re port of large mar ket par tic i pants ................................................... . 101

SEC TION III.—JAP A NESE YEN PO SI TIONS

FCP-III-1.—Weekly re port of ma jor mar ket par tic i pants ................................................... . 102

FCP-III-2.—Monthly re port of ma jor mar ket par tic i pants................................................... . 103

FCP-III-3.—Quar terly re port of large mar ket par tic i pants .................................................. . 103

SEC TION IV.—SWISS FRANC PO SI TIONS

FCP-IV-1.—Weekly re port of ma jor mar ket par tic i pants ................................................... . 104

FCP-IV-2.—Monthly re port of ma jor mar ket par tic i pants .................................................. . 105

FCP-IV-3.—Quar terly re port of large mar ket par tic i pants .................................................. . 105

SEC TION V.—STER LING PO SI TIONS

FCP-V-1.—Weekly re port of ma jor mar ket par tic i pants.................................................... . 106

FCP-V-2.—Monthly re port of ma jor mar ket par tic i pants ................................................... . 107

FCP-V-3.—Quar terly re port of large mar ket par tic i pants ................................................... . 107

EX CHANGE STA BI LI ZA TION FUND

In tro duc tion: Ex change Sta bi li za tion Fund .............................................................. . 108

ESF-1.—Bal ance sheet.............................................................................. . 108

ESF-2.—In come and ex pense ........................................................................ . 109

SPE CIAL RE PORTS

TRUST FUNDS

In tro duc tion: Trust Funds............................................................................ . 113

TF-A.—Chart: Ma jor trust funds, to tal net in crease or de crease in as sets....................................... . 113

TF-B.—Chart: To tal re ceipts of ma jor trust funds ......................................................... . 114

TF-C.—Chart: To tal ex pen di tures of ma jor trust funds ..................................................... . 115

TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund...................................................... . 116

TF-2.—Fed eral Hos pi tal In sur ance Trust Fund ........................................................... . 117

TF-3.—Fed eral Dis abil ity In sur ance Trust Fund .......................................................... . 118

TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund ............................................... . 119

TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund............................................... . 120

TF-6.—Na tional Ser vice Life In sur ance Fund............................................................ . 121

TF-7.—Rail road Re tire ment Ac count .................................................................. . 122

TF-8.—Un em ploy ment Trust Fund .................................................................... . 123

TF-9.—In vest ments of spec i fied trust ac counts in pub lic debt se cu ri ties by is sue ................................ . 125

In tro duc tion: High way Trust Fund..................................................................... . 126

TF-15a.—High way Trust Fund, high way ac count......................................................... . 126

RE SEARCH PAPER IN DEX......................................................................... . 127

GLOS SARY ...................................................................................... . 128

ORDER FORM FOR TREA SURY PUB LI CA TIONS .......................................... . In side back cover

 V

Con tents
VI

Nonquarterly Ta bles and Re ports

For the con ve nience of the “Trea sury Bul le tin” user, nonquarterly ta bles and re ports

are listed be low along with the is sues in which they ap pear.

 Is sues

 March June Sept. Dec.

Fed eral Fis cal Op er a tions

FFO-5.—Sum mary of in ter nal rev e nue col lec tions by States 

and other ar eas ................................... .

Spe cial Re ports

Con sol i dated Fi nan cial State ments of the United States 

Gov ern ment (CFS) ex cerpt ................................. .

State ment of Li a bil i ties and Other Fi nan cial Com mit ments 

of the United States Gov ern ment ............................ .

Trust Fund Re ports:

Air port and Air way Trust Fund.............................. .

Aquatic Re sources Trust Fund .............................. .

Black Lung Dis abil ity Trust Fund............................ .

Civil Ser vice Re tire ment and Dis abil ity Fund .................. .

Fed eral Dis abil ity In sur ance Trust Fund ....................... .

Fed eral Hos pi tal In sur ance Trust Fund ........................ .

Fed eral Old-Age and Sur vi vors In sur ance Trust Fund ............ .

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund............ .

Har bor Main te nance Trust Fund ............................. .

Haz ard ous Sub stance Superfund............................. .

High way Trust Fund ...................................... .

In land Wa ter ways Trust Fund ............................... .

In vest ments of spec i fied trust ac counts........................ .

Leaking Un der ground Stor age Tank Trust Fund................. .

Na tional Rec re ational Trails Trust Fund ....................... .

Na tional Ser vice Life In sur ance Fund......................... .

Nu clear Waste Fund ...................................... .

Oil Spill Li a bil ity Trust Fund ............................... .

Rail road Re tire ment Ac count ............................... .

Re for es ta tion Trust Fund................................... .

Un em ploy ment Trust Fund ................................. .

Ura nium En rich ment De con tam i na tion and 

De com mis sioning Fund ................................. .

Vac cine In jury Com pen sa tion Trust Fund...................... .

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Profile of the Economy

Real gross domestic product (GDP)

Real GDP grew at a 3.9 per cent an nual rate in the third quarter, in line with the av er age over the pre vi ous 2 years. Un der -

lying the fairly strong per for mance of to tal GDP was ev i dence

of a slow ing pace in sev eral of its com po nents, par tic u larly

busi ness in vest ment. It is ex pected that eco nomic growth will

mod er ate over the course of next year.

The house hold sec tor ac counted for much of the growth in

the third quar ter, al though gains in con sumer spend ing on

goods and ser vices and on hous ing were much lower than the

very rapid rates posted in the first half. Busi ness in vest ment

de clined in the third quar ter for the first time since 1991, reflect ing a third straight drop in in vest ment in struc tures, and a

re ver sal in equip ment in vest ment fol low ing growth at more

than a 25 per cent an nual rate in the first half.

De te ri o ra tion in the for eign trade bal ance con tin ued to act as

a drag on real GDP growth in the third quar ter, but to a much

lesser ex tent than ear lier in the year. The wid en ing trade def i cit

sub tracted 0.4 per cent age point from GDP growth in the third

quar ter, com pared to more than 2 points sub tracted in each of

the prior two quar ters. In ven tory in vest ment was also a more

pos i tive fac tor, add ing 1 per cent age point to third quar ter

growth com pared with a re duc tion of 2.7 points in the pre vi ous

quar ter. 

The na tional ac counts mea sures of in fla tion con tinue to be

very mod er ate. The chain-weight GDP price in dex in creased

at a 0.8 per cent an nual rate in the third quar ter and was up at

only a 0.9 per cent pace through three quar ters this year. The

gross do mes tic pur chases in dex, which sub tracts ex ports and

adds im ports to get a mea sure of prices paid by U.S. res i dents,

rose 0.5 per cent in the third quar ter and has in creased at only a

0.3 per cent an nual rate so far this year.

Inflation

In fla tion re mains well be haved in 1998, with con sumer

prices con tin u ing to rise at a mod est pace. Fur ther back in the

pro duc tion chain there are no signs of build ing price pres sures, 

with pro ducer prices con tin u ing to de cline at all three stages of

3

[Source: Of fice of Mac ro eco nomic Anal y sis]

 *Year tick marks cor re spond with June data.

Growth of Real GDP

(Per cent change, fourth quar ter to fourth quar ter)

Con sumer Prices*

(Per cent change from a year ear lier)

Pro ducer Prices - Fin ished Goods*

(Per cent change from a year ear lier)
pro cess ing again this year. Wages have ac cel er ated, how ever,

lead ing to a pickup in la bor costs.

Dur ing the first 10 months of the year, the con sumer price index (CPI) rose at a sea son ally ad justed an nual rate of 1.6 percent, close to the 1.7 per cent gain last year but well be low the

3.3 per cent ad vance posted in 1996. De clining en ergy prices

con tinue to be a fac tor, fall ing

at an an nual rate of just un der 9

per cent this year on top of a

near 3-1/2 per cent drop last

year. Food prices are up at an

an nual rate of 2.6 per cent,

com pared with an in crease of

1.5 per cent last year. The core

CPI has ad vanced by 2.4 percent at an an nual rate through

No vem ber, not much dif fer -

ent than the 2.2 per cent increase last year (the small est

in crease since 1965) and

down slightly from the pace

dur ing the pre ced ing few

years. Meth od olog i cal

changes over the last sev eral

years have slowed the increase in the to tal CPI by

about 1/3 per cent age point.

De clining en ergy prices

have re sulted in lower producer prices for fin ished

goods. Fin ished goods prices

are down at a 0.5 per cent season ally ad justed an nual rate

so far this year af ter fall ing by

1.2 per cent in 1997. Food

prices are mov ing up at a

mea ger 0.7 per cent clip. On a

core ba sis, fin ished goods

prices are ris ing at a 1.5 percent pace fol low ing no

change last year. Core prices

for crude and in ter me di ate

goods con tinue to fall, in di -

cat ing no im mi nent price

pres sures fur ther back in the

pro duc tion chain.

Hourly com pen sa tion in the

nonfarm busi ness sec tor increased at a 4.3 per cent annual rate dur ing the first three

quar ters of the year, faster than the 1.9 per cent in crease in produc tiv ity. This has pushed unit la bor costs up at a 2.1 per cent

an nual rate, the same as reg is tered dur ing 1997. The em ploy -

ment cost in dex for to tal com pen sa tion rose by 1.0 per cent for

the 3 months end ing in Sep tem ber, up from 0.7 per cent and 0.9

per cent, re spec tively, for the 3-month pe ri ods end ing in March

and June. Over the last 12 months the in dex has risen by 3.7

per cent, the larg est in crease in 6-1/2 years.

Employment and unemployment

Growth of em ploy ment has slowed no ta bly over the past few

months but re mains at a pace con sis tent with growth of the

work ing-age pop u la tion. Such a slow down can be viewed as

po ten tially ben e fi cial in re duc ing in fla tion ary pres sures in current very tight la bor mar kets.

The num ber of jobs added

to nonfarm pay rolls av er -

aged 148,000 a month during the 3 months ended

Oc to ber, fol low ing in creases 

av er ag ing 247,000 dur ing the

first 7 months of the year (all

fig ures have been ad justed

for the im pact of the GM

strike last sum mer). Em ploy -

ment in man u fac tur ing has

fallen by nearly 200,000

since March, re flect ing reduced de mand for U.S. exports be cause of the Asian

cri sis. Over the past few

months, how ever, ex pan sion

of jobs in the ser vice sec tor

has also be gun to slow.

The un em ploy ment rate remained at 4.6 per cent in Octo ber, un changed from

Sep tem ber but up from a

28-year low of 4.3 per cent in

both April and May.

Av er age hourly earn ings of

pro duc tion and other

nonsupervisory work ers rose

to $12.88 in Oc to ber, rep re -

sent ing a 3.6 per cent in crease

in nom i nal terms from a year

ear lier. This mod er ate advance re sulted in a strong 2.4

per cent gain in real earn ings,

re flect ing re strained growth

of prices.

Real disposable

personal income and

consumer spending

Real dis pos able (af ter-tax)

per sonal in come rose at a 3.2

per cent an nual rate dur ing

the three quar ters of 1998, up a lit tle from a 2.9 per cent increase over the course of 1997. Gains dur ing both 1997 and

1998 have been fu eled by large ad vances in wages and sal a -

ries, as both em ploy ment and wage rates have been on the rise.

Real wages and sal a ries surged at an an nual rate of 7.4 per cent

in the first quar ter, fol lowed by ad di tional strong in creases of

4.7 per cent and 4.8 per cent in the sec ond and third quar ters.

(Per sonal in come also in cludes such items as trans fer payments, pro pri etors’ in come, div i dends, and in ter est, but does

4 PRO FILE OF THE ECON OMY

Civilian Unemployment Rate

Establishment Employment

(Monthly change in thou sands)
not in clude cap i tal gains.)

Real con sumer spend ing jumped at a 6.1 per cent an nual rate

in both of the first two quar ters of the year and by 4.1 per cent in

the third. Strength has been wide spread among dis cre tion ary

items, such as fur ni ture and ap pli ances, mis cel la neous

durables, cloth ing, for eign travel and bro ker age ser vices. 

Since even the high rate of in come growth was out paced by

spend ing, the share of af ter-tax in come de voted to per sonal

sav ing fell to an ex tremely low 0.2 per cent in the third quar ter

from 1.2 per cent in the first quar ter and 2.1 per cent av er aged in

1997. Huge gains in wealth as so ci ated with ris ing stock prices

ap pear to have caused house holds to feel less need to save out

of cur rent in come in re cent years.

Industrial production and capacity utilization

In dus trial pro duc tion in man u fac tur ing, min ing and util i ties

has grown by a mod est 0.4 per cent an nual rate dur ing the first

10 months of 1998, a dis tinct slow down from in creases av er -

ag ing 5.2 per cent dur ing the pre vi ous 2 years.

The main source of weak ness has been man u fac tur ing output, which ac counts for about 86 per cent of to tal in dus trial produc tion. The im pact of de creased de mand for U.S. ex ports

stem ming from the Asian cri sis and the strong dol lar has become more ap par ent as the year has pro gressed. Fac tory produc tion fell by 0.9 per cent at an an nual rate in the third quar ter,

fol low ing in creases at rates of 2.3 per cent in the first quar ter

and 0.8 per cent in the sec ond. The strike at Gen eral Mo tors affected third-quarter re sults, but de clines were wide spread. In

Oc to ber, fac tory pro duc tion showed signs of mod est re cov ery,

post ing a small 0.3 per cent in crease.

The in dus trial ca pac ity uti li za tion rate has been fall ing

through out 1998, drop ping to 80.6 per cent in Oc to ber from

83.3 per cent at the end of last year. The de cline re flects not

only slug gish growth of pro duc tion, but also rapid ex pan sion

of ca pac ity at a 4.3 per cent an nual rate over the first 10 months

of this year. The uti li za tion rate cur rently stands at its low est

point in more than 6 years, well be low the ex pan sion high of

84.6 per cent reached in early 1995 and also be low its

long-term av er age of 82.1 per cent.

Nonfarm productivity and unit labor costs

Nonfarm busi ness pro duc tiv ity (real out put per hour

worked) has in creased at a 1.9 per cent an nual rate over the first

three quar ters of 1998. As is typ i cal of this vol a tile se ries,

growth has been un even at a rapid 3.5 per cent an nual rate in the

first quar ter, only 0.3 per cent in the sec ond, and 2.3 per cent in

the third. The ad vance so far dur ing 1998 matches the 1.9 percent pace av er aged over the pre vi ous 2 years but is no ta bly

faster than trend pro duc tiv ity growth—es ti mated at about

1-1/4 per cent.

Growth of hourly com pen sa tion costs in the nonfarm business sec tor has ac cel er ated to a 4.3 per cent an nual rate dur ing

the first three quar ters of 1998 from 3.9 per cent dur ing 1997

and as lit tle as 1.6 per cent dur ing 1993. Strong pro duc tiv ity

growth has held the in crease of la bor costs per unit of out put to

only 2.1 per cent so far dur ing 1998, match ing the rise for all of

1997. While re cent in creases are some what faster than the 1.6

per cent reg is tered dur ing both 1995 and 1996, they are still rela tively small, help ing to con tain in fla tion.

Pro duc tiv ity in man u fac tur ing has grown at a 2.4 per cent annual rate so far dur ing 1998, roughly half as fast as the 4-1/2

per cent rate av er aged dur ing the pre vi ous 3 years. Unit la bor

costs in man u fac tur ing have risen at only a 0.8 per cent an nual

rate through the third quar ter, about the same as last year. During the pre vi ous 3 years, these costs had fallen by 1.8 per cent

an nu ally on av er age.

Current account balance

The cur rent ac count is a sum mary of U.S. in ter na tional

trans ac tions, mea sur ing trade in goods and ser vices as well as

the net flow of in vest ment in come and uni lat eral trans fers. The

cur rent ac count has shown a def i cit al most con tin u ously since

the early 1980’s. That def i cit has wid ened sub stan tially from a

re cent low of $6 bil lion in 1991 to $226 bil lion at an an nual

rate in the sec ond quar ter of 1998. This ex ceeded the pre vi ous

re cord def i cit of $168 bil lion set in 1987, al though it rep re sents 

a smaller share of the over all econ omy (2.7 per cent of GDP

com pared with 3.6 per cent in 1987).

Over the past sev eral years, U.S. eco nomic growth has outpaced that of our ma jor trad ing part ners. That caused im ports

to grow much more rap idly than ex ports. The sharp ap pre ci a -

tion of the dol lar in more re cent years has wid ened the trade

gap fur ther. In ad di tion, what had been a pos i tive bal ance on

in vest ment in come shifted to a neg a tive in 1997 as the in flow

of cap i tal into the United States boosted pay ments of earn ings

and in ter est to for eign ers.

De te ri o ra tion in the sec ond quar ter mainly re flected a deepen ing of the def i cit on trade in goods and ser vices due to the

strength of the dol lar as well as weaker de mand for U.S. goods

ex ports in Asia. The goods and ser vices trade def i cit wid ened

fur ther in the third quar ter but by much less than in the pre vi -

ous quar ter.

The cur rent ac count def i cit is matched by off set ting trans ac -

tions in the cap i tal ac count, al though the two do not ex actly

match. The dif fer ence (the sta tis ti cal dis crep ancy) is usu ally

taken to con sist largely of un re corded cap i tal flows. In the second quar ter, re corded cap i tal in flows for for eign as sets in the

U.S. ex ceeded cap i tal out flows for U.S. as sets abroad by $264

bil lion at an an nual rate. The sta tis ti cal dis crep ancy wid ened to

an an nual rate of $38 bil lion from $13 bil lion in the first quarter.

Exchange rate of the dollar

The ap pre ci a tion of the dol lar against other in dus trial countries, which be gan in 1995, turned course this past sum mer.

The ex change rate of the dol lar based on the Fed eral Re serve

Board’s trade-weighted in dex against the cur ren cies of other

G-10 in dus tri al ized na tions plunged by 8 per cent from Au gust

through Oc to ber af ter ris ing by 24.4 per cent since April 1995.

The re ver sal was re lated to a sig nif i cant deleveraging in cap i -

tal mar kets as U.S. in ves tors shed not only do mes tic as sets,

which low ered U.S. in ter est rates, but for eign-denominated

as sets as well, which worked to lower ex change rates. That

pro cess ap pears to have played out and ex change rates lev eled

off to ward the end of Oc to ber.

Among the G-10 cur ren cies, the dol lar de pre ci ated by a to tal

PRO FILE OF THE ECON OMY 5
of 16 per cent against the yen in the two month pe riod end ing in

Oc to ber af ter ris ing by 73 per cent from April 1995 to Au gust.

Against the deut sche mark, the dol lar fell by 8 per cent compared with a rise of 29 per cent in the ear lier pe riod.

Fi nan cial cri ses in sev eral newly in dus tri al ized Asian countries in 1997, and in other parts of the world this year, led in

some cases to cur rency de val u a tion, rais ing the dol lar’s value

against those cur ren cies. One re sult was to make im ports from

those coun tries cheaper in dol lar

terms, a fac tor which has contrib uted to the low in fla tion perfor mance in the United States.

An other re sult was to raise the

rel a tive price of U.S. ex ports,

which con trib uted to a de cline in

ex ports this year and is likely to

con tinue to act as a drag on U.S.

ex port growth through at least

1999.

Interest rates

As a re sult of global fears of

de fault, fi nan cial mar kets un der -

went a rapid pro cess of

deleveraging dur ing the last few

months. Heightened aver sion to

risk and a rush to li quid ity resulted in a sharp wid en ing in

credit qual ity spreads and a tighten ing of credit avail abil ity. Demand for U.S. Trea suries drove

prices of long-term bonds and

notes up and yields down. The

in ter est rate on the 30-year Treasury bond, which had been declin ing steadily since top ping 7

per cent in the spring of 1997,

plunged from about 5.7 per cent

at the be gin ning of Au gust to just

un der 4.9 per cent at the be gin -

ning of Oc to ber. Yields on the

10-year note fol lowed a sim i lar

pat tern. These were the low est

long-term U.S. in ter est rates

since 1965.

Since Oc to ber, spreads have

nar rowed and credit mar kets appear to have sta bi lized. The Federal Re serve made sev eral

mon e tary moves to ward ease which helped con tain much of

the prob lem. In three moves start ing on Sep tem ber 29, the Federal Re serve has low ered the dis count rate by a to tal of 50 ba sis

points to 4.5 per cent, and re duced the Fed eral funds tar get by

75 ba sis points, to 4.75 per cent. Mar ket in ter est rates for the

3-month Trea sury bill fell to as low as 3.8 per cent in late Oc to -

ber be fore mov ing back up to about 4.5 per cent by

mid-November.

Mort gage rates, which fol low roughly the same pat tern as

the 10-year Trea sury note, also de clined to more than 30-year

lows in Oc to ber. The rate on a con ven tional 30-year fixed rate

loan fell to 6.5 per cent in early Oc to ber, and in mid-November

was still at a fa vor able 6.9 per cent. Low mort gage rates have

spurred a new wave of mort gage refinancings and have helped

keep hous ing mar ket ac tiv ity at a high level.

Housing

Af ter reach ing new peaks

dur ing the sum mer months,

the hous ing sec tor ap pears to

have re mained at a rel a tively

high level. Un der lying fun da -

men tals for the hous ing market con tinue to be fa vor able

such as low un em ploy ment,

lean in ven to ries of new

homes for sale, and very low

mort gage in ter est rates.

Starts of new homes surged

to their high est rate in more

than 10 years in July be fore

eas ing back slightly in sub se -

quent months. The av er age

for the third quar ter was a sizable 1.63 mil lion units at an

an nual rate, the best quar terly

rate since early 1987.

Housing starts have ex ceeded 

the 1.5 mil lion-unit mark

each month for over a year, a

string not seen since the last

build ing boom of the 1980’s.

The rapid gains in new

hous ing starts re sulted from

strong growth in new home

sales, which re duced the inven tory of un sold new homes

on the mar ket to very low levels. Sales in creases have tapered off slightly since

reach ing an all-time peak in

June, but re main fairly high.

Sin gle-family home sales

eased back to a 842,000 unit

an nual pace in the third quarter af ter top ping the 900,000

mark in the sec ond quar ter,

an all-time re cord for this series which be gan in 1968.

Re sales of ex ist ing homes have also come down a bit from

peak lev els, but like new home sales, re main very strong. The

high sell ing pace through out the past year for both new and exist ing homes pushed the homeownership rate to 66.8 per cent

by the third quar ter, the high est on re cord.

Federal budget

The Fed eral bud get posted a sur plus of $70 bil lion in fis cal

1998, the first sur plus since 1969 and only the ninth since

6 PRO FILE OF THE ECON OMY

Short-term Interest Rates

Long-term Interest Rates
World War II. The sur plus is es ti mated to rep re sent 0.8 per cent 

of GDP, the high est such ra tio since 1956, and re sulted in a reduc tion in the Fed eral debt level for the first time in 19 years.

Sur pluses are ex pected to oc cur in each suc ceed ing fis cal year

through at least 2003, ac cord ing to the Ad min is tra tion’s projec tions.

Strong eco nomic growth and pas sage of def i cit re duc tion

pro grams placed the def i cit on a down ward course since 1992.

In that year the def i cit re corded an all-time high of $290 billion, then shrank to just $22 bil lion by fis cal 1997 be fore the

bud get moved into sur plus in the year just ended.

Growth in re ceipts has been very strong over the past 6 years,

boosted by ex pan sion in jobs and in come, ris ing cor po rate

prof its, and stock mar ket gains. In fis cal 1998, re ceipts rose by

9 per cent, with an es pe cially no ta ble jump for nonwithheld indi vid ual in come taxes, up al most 13 per cent over the year.

With held in come and em ploy ment taxes grew by 9 per cent in

fis cal 1998, re flect ing strong growth in wages and sal a ries and

em ploy ment.

Growth in Fed eral spend ing was held to a mod er ate 3.2 percent in fis cal 1998, or even less af ter ad just ing for some spe cial 

fi nan cial flows which ar ti fi cially re duced out lays in the pre vi -

ous fis cal year. Ex clud ing large spec trum auc tion pro ceeds

and as set sales in the de posit in sur ance ac count in 1997, both

of which are treated as neg a tive out lays in bud get ac count ing,

out lay growth in 1998 was just 2.3 per cent.

Net national saving and investment

Net na tional sav ing has been ris ing steadily from a

post-World War II low of 3.4 per cent of net na tional prod uct

(NNP) in 1992 to 7.6 per cent in the first half of 1998 (lat est

avail able). De spite the prog ress, net sav ing, which ex cludes

de pre ci a tion to re place worn-out or ob so lete equip ment and

struc tures used in pro duc tion, still re mains well be low the 12.1

per cent of NNP av er aged in the 1950’s and 1960’s.

Re cent im prove ment is more than ac counted for by the

swing in the Fed eral bud get from large def i cits to near bal ance. 

As a re sult, the com bined ac count of Fed eral and State and local gov ern ments has moved from dissaving equiv a lent to 4.7

per cent of NNP in 1992 to sav ing equiv a lent to 1.9 per cent of

NNP in the first half of 1998. Pri vate sav ing of house holds and

busi nesses has de clined since 1992, as in creased wealth gen er -

ated by a surg ing stock mar ket ap pears to have re duced households’ de sire to save. Gains in cor po rate prof its have led to

greater busi ness sav ing since 1992.

Net do mes tic in vest ment equaled 9.2 per cent of NNP in the

first half of 1998. This was up from a low 4.9 per cent for all of

1991 and was the high est read ing in more than a de cade. About

one-quarter of in vest ment so far this year was fi nanced by foreign in flows, which were equiv a lent to 2.6 per cent of NNP.

U.S. sources pro vided in vest ment equal to 6.6 per cent of NNP,

only a lit tle more than half as much as av er aged in the 1950’s

and 1960’s.

PRO FILE OF THE ECON OMY 7

Net National Saving

(Saving as a per cent of net na tional prod uct)
8

IN TRO DUC TION: Fed eral Fis cal Op er a tions

Bud get au thor ity usu ally takes the form of ap pro pri a tions

that al low ob li ga tions to be in curred and pay ments to be made.

Reappropriations are Con gres sio nal ac tions that ex tend the

avail abil ity of unobligated amounts that have ex pired or

would oth er wise ex pire. These are counted as new bud get author ity in the fis cal year of the leg is la tion in which the

reappropriation act is in cluded, re gard less of when the

amounts were orig i nally ap pro pri ated or when they would other wise lapse.

Ob li ga tions gen er ally are liq ui dated by the is su ance of

checks or the dis burse ment of cash—out lays. Ob li ga tions may

also be liq ui dated (and out lays re corded) by the ac crual of inter est on pub lic is sues of Trea sury debt se cu ri ties (in clud ing an

in crease in re demp tion value of bonds out stand ing); or by the

is su ance of bonds, de ben tures, notes, mon e tary cred its, or

elec tronic pay ments.

Re funds of col lec tions gen er ally are treated as re duc tions

of col lec tions, whereas pay ments for earned-income tax credits in ex cess of tax li a bil i ties are treated as out lays. Out lays

dur ing a fis cal year may be for pay ment of ob li ga tions in curred 

in prior years or in the same year. Out lays, there fore, flow in

part from un ex pended bal ances of prior year bud get au thor ity

and from bud get au thor ity pro vided for the year in which the

money is spent. To tal out lays in clude both bud get and

off-budget out lays and are stated net of off set ting col lec tions.

Re ceipts are re ported in the ta bles as ei ther bud get receipts or off set ting col lec tions. They are col lec tions from the

pub lic, ex clud ing re ceipts off set against out lays. These, also

called gov ern men tal re ceipts, con sist mainly of tax re ceipts

(in clud ing so cial in sur ance taxes), re ceipts from court fines,

cer tain li censes, and de pos its of earn ings by the Fed eral Reserve sys tem. Re funds of re ceipts are treated as de duc tions

from gross re ceipts. To tal Gov ern ment re ceipts are com pared

with to tal out lays in cal cu lat ing the bud get sur plus or def i cit.

Off setting col lec tions from other Gov ern ment ac counts

or the pub lic are of a busi ness-type or mar ket-oriented na ture.

They are clas si fied as ei ther col lec tions cred ited to ap pro pri a -

tions or fund ac counts, or off set ting re ceipts (i.e., amounts depos ited in re ceipt ac counts). The for mer nor mally can be used

with out ap pro pri a tion act by Con gress. These oc cur in two instances: (1) when au tho rized by law, amounts col lected for

ma te ri als or ser vices are treated as re im burse ments to ap pro -

pri a tions. For ac count ing pur poses, earned re im burse ments

are also known as rev e nues. These off set ting col lec tions are

net ted against gross out lays in de ter min ing net out lays from

such ap pro pri a tions; and (2) in the three types of re volv ing

funds (pub lic en ter prise, intragovernmental, and trust); off set -

ting col lec tions are net ted against spend ing, and out lays are reported as the net amount.

Off setting re ceipts in re ceipt ac counts can not be used

with out ap pro pri a tion. They are sub di vided into three cat e go -

ries: (1) pro pri etary re ceipts, or col lec tions from the pub lic,

off set against out lays by agency and by func tion; (2)

intragovernmental trans ac tions, or pay ments into re ceipt accounts from gov ern men tal ap pro pri a tion or fund ac counts.

They fi nance op er a tions within and be tween Gov ern ment

agen cies and are cred ited with col lec tions from other Gov ern -

ment ac counts; and (3) off set ting gov ern men tal re ceipts

which in clude for eign cash con tri bu tions.

Intrabudgetary trans ac tions are sub di vided into three

cat e go ries: (1) interfund trans ac tions—pay ments are from

one fund group (ei ther Fed eral funds or trust funds) to a re ceipt 

ac count in the other fund group; (2) Fed eral intrafund trans ac -

tions—pay ments and re ceipts both oc cur within the Fed eral

fund group; and (3) trust intrafund trans ac tions—pay ments

and re ceipts both oc cur within the trust fund group.

Off setting re ceipts are gen er ally de ducted from bud get

au thor ity and out lays by func tion, subfunction, or agency.

There are four types of re ceipts, how ever, that are de ducted

from bud get to tals as un dis trib uted off set ting re ceipts. They

are: (1) agen cies’ pay ments (in clud ing pay ments by

off-budget Fed eral en ti ties) as em ploy ers into em ploy ees’ retire ment funds; (2) in ter est re ceived by trust funds; (3) rents

and roy al ties on the Outer Con ti nen tal Shelf lands; and (4)

other in ter est (i.e., that col lected on Outer Con ti nen tal Shelf

money in de posit funds when such money is trans ferred into

the bud get).

The Gov ern ment has used the uni fied bud get con cept set

forth in the “ Re port of the Pres i dent’s Com mis sion on Bud get

Con cepts” as a foun da tion for its bud get ary anal y sis and presen ta tion since 1969. The con cept calls for the bud get to include all of the Gov ern ment’s fis cal trans ac tions with the

pub lic. Since 1971, how ever, var i ous laws have been en acted

re mov ing sev eral Fed eral en ti ties from (or cre at ing them outside of) the bud get. Other laws have moved cer tain off-budget

Fed eral en ti ties onto the bud get. Un der cur rent law, the

off-budget Fed eral en ti ties con sist of the two So cial Se cu rity

trust funds, Fed eral Old-Age and Sur vi vors In sur ance and the

Fed eral Dis abil ity In sur ance Trust Fund, and the Postal Service.

Al though an off-budget Fed eral en tity’s re ceipts, out lays,

and sur plus or def i cit or di narily are not sub ject to tar gets set by

the Con gres sio nal res o lu tion, the Bal anced Bud get and Emergency Def i cit Con trol Act of 1985 [com monly known as the

Gramm-Rudman-Hollings Act as amended by the Bud get Enforce ment Act of 1990 (2 U.S.C. 900-922)] in cluded

off-budget sur plus or def i cit in cal cu lat ing def i cit tar gets under that act and in cal cu lat ing ex cess def i cit. Partly for this reason, at ten tion has fo cused on both on- and off-budget re ceipts,

out lays, and def i cit of the Gov ern ment.

Ta bles FFO-1, FFO-2, and FFO-3 are pub lished quarterly and cover 5 years of data, es ti mates for 2 years, de tail for

13 months, and fis cal year-to-date data. They pro vide a summary of data re lat ing to Fed eral fis cal op er a tions re ported by

Fed eral en ti ties and dis burs ing of fi cers, and daily re ports from

the Fed eral Re serve Banks. They also de tail ac count ing trans-
FED ERAL FIS CAL OP ER A TIONS 9

ac tions af fect ing re ceipts and out lays of the Gov ern ment and

off-budget Fed eral en ti ties and their re lated ef fect on as sets

and li a bil i ties of the Gov ern ment. Data are de rived from the

“Monthly Trea sury State ment of Re ceipts and Out lays of the

United States Gov ern ment.”

! Ta ble FFO-1 sum ma rizes the amount of to tal re ceipts,

out lays, and sur plus or def i cit, as well as trans ac tions in Federal se cu ri ties, mon e tary as sets and bal ances in Trea sury op er -

at ing cash.

! Ta ble FFO-2 in cludes on- and off-budget re ceipts by

source. Amounts rep re sent in come taxes, so cial in sur ance

taxes, net con tri bu tions for other in sur ance and re tire ment, excise taxes, es tate and gift taxes, cus toms du ties and net mis cel -

la neous re ceipts.

! Ta ble FFO-3 de tails on- and off-budget out lays by

agency. 

! Ta ble FFO-4 sum ma rizes in ter nal rev e nue col lec tions

by States and other ar eas and by type of tax. Amounts re ported

are col lec tions made in a fis cal year. They span sev eral tax li a -

bil ity years be cause they con sist of pre pay ments (i.e., es ti -

mated tax pay ments and taxes with held by em ploy ers for

in di vid ual in come and So cial Se cu rity taxes), pay ments made

with tax re turns and sub se quent pay ments made af ter tax returns are due or are filed (i.e., pay ments with de lin quent returns or on de lin quent ac counts). 

It is im por tant to note that these data do not nec es sar ily reflect the Fed eral tax bur den of in di vid ual States. Amounts are

re ported based on the pri mary fil ing ad dress pro vided by each

tax payer or re port ing en tity. For multistate cor po ra tions, the

ad dress may re flect only the State where such a cor po ra tion reported its taxes from a prin ci pal of fice rather than other States

where in come was earned or where in di vid ual in come and Social Se cu rity taxes were with held. In ad di tion, an in di vid ual

may re side in one State and work in an other.

Budget Results and Financing of the U.S. Government

 and Third-Quarter Receipts by Source

[Source: Of fice of Tax Anal y sis, Of fice of Tax Pol icy]

Third-Quarter Re ceipts

The fol low ing cap sule anal y sis of bud get re ceipts,

by source, for the third quar ter of fis cal 1998 sup ple -

ments fis cal data re ported in the September is sue of

the “Trea sury Bul le tin.” At the time of that is sue’s release, not enough data were avail able to an a lyze ade quately col lec tions for the quar ter.

In di vid ual in come taxes—In di vid ual in come tax re ceipts,

net of re funds, were $269.8 bil lion for the third quar ter of fis cal

1998. This is an in crease of $30.5 bil lion over the com pa ra ble

prior year quar ter. With held re ceipts in creased by $11.7 bil lion

and non-withheld re ceipts in creased by $20.7 bil lion dur ing this

pe riod. Re funds in creased by $1.9 bil lion over the com pa ra ble

fis cal 1997 quar ter. There was a de crease of $4.1 bil lion in account ing ad just ments be tween in di vid ual in come tax re ceipts

and the So cial Se cu rity and Medicare trust funds over the compa ra ble quar ter in fis cal 1997.

Cor po ra tion in come taxes—Net cor po rate in come tax receipts were $70.4 bil lion for the third quar ter of fis cal 1998.

This is a de crease of $0.6 bil lion com pared to the prior year

third quar ter. This $0.6 bil lion fig ure is com posed of in creased

re funds of $1.2 bil lion, less an in crease in es ti mated and fi nal

pay ments of $0.6 bil lion. 

Em ploy ment taxes and con tri bu tions—Em ploy ment

taxes and con tri bu tions re ceipts for the third quar ter were

$153.9 bil lion, an in crease of $15.4 bil lion over the com pa ra ble 

prior year quar ter. Re ceipts to the Old-Age Sur vi vors In sur -

ance, Dis abil ity In sur ance, and Hos pi tal In sur ance trust funds

in creased by $9.7 bil lion, $1.3 bil lion and $4.2 bil lion, re spec -

tively. There was a $2.2 bil lion ac count ing ad just ment for prior

years’ em ploy ment tax li a bil i ties made in the third quar ter of

fis cal 1998, while there was a -$1.9 bil lion ad just ment made

in the third quar ter of fis cal 1997.

Un em ploy ment in sur ance—Un em ploy ment in sur ance

re ceipts were $13.2 bil lion for the third quar ter of fis cal

1998, a $0.7 bil lion (4.9 per cent) de cline over third quar ter

fis cal 1997 re ceipts. State de pos its de creased $0.9 bil lion to

$9.8 bil lion. Fed eral un em ploy ment taxes in creased $0.2 billion to $3.4 bil lion. Rail road re ceipts in creased neg li gi bly.

Con tri bu tions for other in sur ance and re tire -

ment—Con tri bu tions for other re tire ment were $1.1 bil lion

for the third quar ter of fis cal 1998. There was a neg li gi ble increase over re ceipts from the com pa ra ble quar ter of fis cal

1997. The growth in con tri bu tions will re main flat over the

next few years as the num ber of em ploy ees cov ered by the

Fed eral em ploy ees’ re tire ment sys tem (FERS) grows slowly

rel a tive to those cov ered un der the civil ser vice re tire ment

sys tem (CSRS).

Ex cise taxes—Net ex cise tax re ceipts for the third quarter of fis cal 1998 were $16.0 bil lion, an in crease of $1.2 billion over the com pa ra ble prior year quar ter. To tal ex cise tax

re funds for the quar ter were $0.2 bil lion, a de crease of $0.2

bil lion over the com pa ra ble prior year quar ter.

Es tate and gift taxes—Net es tate and gift tax re ceipts

were $7.8 bil lion for the third quar ter of fis cal 1998. These

re ceipts represent an in crease of $2.7 bil lion over the pre vi -

ous quar ter and an in crease of $1.6 bil lion over the same

quar ter in fis cal 1997.
10 FED ERAL FIS CAL OP ER A TIONS

Third-Quarter Net Bud get Re ceipts by Source, Fis cal 1998

[In bil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Cus toms du ties—Cus toms re ceipts net of re funds were

$4.3 bil lion for the third quar ter of fis cal 1998. This is a decrease of $0.2 bil lion over the com pa ra ble prior year quar ter.

Mis cel la neous re ceipts—Net mis cel la neous re ceipts for

the third quar ter of fis cal 1998 were $7.6 bil lion, an in crease

of $0.5 bil lion over the com pa ra ble prior year quar ter. Earnings by Fed eral Re serve Banks de creased by $0.2 bil lion over

the com pa ra ble prior year quar ter.

Budget Results and Financing of the U.S. Government

and Third-Quarter Receipts by Source, con.

 Note: De tail may not sum to to tals due to in de pend ent round ing.

To tal On-and Off-Budget Re sults and Fi nancing of the U.S. Gov ern ment

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Fourth quar ter July - Sept. Fis cal 1998

To tal on- and off-budget re sults:

To tal re ceipts ........................................................ . 412,411 1,721,421

On-budget re ceipts .................................................. . 316,690 1,305,621

Off-budget re ceipts .................................................. . 95,719 415,800

To tal out lays ........................................................ . 409,439 1,651,383

On-budget out lays .................................................. . 316,179 1,334,781

Off-budget out lays .................................................. . 93,261 316,602

To tal sur plus or def i cit (-)............................................... . 2,972 70,039

On-budget sur plus or def i cit (-)......................................... . 512 -29,160

Off-budget sur plus or def i cit (-)......................................... . 2,459 99,198

Means of fi nanc ing:

Bor rowing from the pub lic .............................................. . -28,794 -51,050

Re duc tion of op er at ing cash ............................................ . 33,397 4,743

Other means ........................................................ . -7,575 -23,732

To tal on- and off-budget fi nanc ing ...................................... .

-2,972 -70,039

Source April May June

In di vid ual in come taxes ................................................. . 158.3 30.0 81.6

Cor po rate in come taxes ................................................. . 27.4 3.3 39.8

Em ploy ment taxes and con tri bu tions ....................................... . 56.5 42.6 54.8

Un em ploy ment in sur ance ................................................ . 4.6 8.3 0.3

Con tri bu tions for other in sur ance and re tire ment .............................. . 0.3 0.4 0.4

Ex cise taxes .......................................................... . 5.7 4.8 5.4

Es tate and gift taxes .................................................... . 4.2 1.8 1.8

Cus toms du ties ........................................................ . 1.4 1.3 1.6

Mis cel la neous receipts .................................................. .

2.5 2.8 2.3

To tal bud get re ceipts.................................................. .

261.0 95.3 187.9
FED ERAL FIS CAL OP ER A TIONS 11

CHART

FFO-B.—Bud get

Re ceipts by Source,

Fis cal Year

 to Date, 1998-1999

(In bil lions of dol lars)

Source for both charts: “Monthly

Trea sury State ment of Re ceipts and

Out lays of the United States

Gov ern ment”

CHART FFO-A.—

Monthly Re ceipts and Out lays

(In bil lions of dol lars)

On-budget

re ceipts

Off-budget 

re ceipts

On-budget

out lays

Off-budget 

out lays
12 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-1.—Sum mary of Fis cal Op er a tions

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Means of fi nanc ing

-net trans ac tions

Bor rowing from

 To tal on-budget and off-budget re sults the pub lic—

To tal On-budget Off-budget Fed eral

sur plus sur plus sur plus se cu ri ties

or or or Pub lic

To tal On-budget Off-budget To tal On-budget Off-budget def i cit def i cit def i cit debt

Fis cal year re ceipts re ceipts re ceipts out lays out lays out lays (-) (-) (-) se cu ri ties

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1994 1........... . 3,665 107,655 184,998 -16,564 768 -992 -35 831 715 203,370

1995 1........... . -1,224 106,024 171,288 2,007 -1,086 9,109 2,614 4,447 722 163,813

1996 1........... . 8,088 131,266 129,713 6,276 -408 -4,626 746 -21,009 615 107,331

1997 1........... . -1,857 149,606 38,171 -603 338 -3,034 -1,383 -20,711 472 22,618

1998 1........... . -3,814 160,067 -51,051 -4,743 108 3,381 7,110 -13,701 569 -70,039

1998 - Est......... . -4,131 156,844 -24,411 -3,621 * * * -18,271 * -39,061

1997 - Sept. ...... . -320 27,283 -18,318 31,545 12 -2,829 82 -2,473 315 -49,286

Oct. ....... . -35 7,408 6,315 -23,360 135 4,644 204 11,276 - 35,968

Nov. ....... . 171 6,412 29,108 -483 -12 429 325 -11,500 - 17,349

Dec. ....... . 302 42,057 -1,771 12,106 -94 -1,129 3,499 2,516 - -13,639

1998 - Jan. ....... . -3,181 8,919 -24,807 8,423 -29 -417 -31 7,374 - -25,379

Feb. ....... . -73 423 30,565 -24,027 219 670 95 -11,938 80 41,750

Mar . ...... . 145 2,188 20,137 11,351 -109 -388 -156 4,374 - 13,813

Apr ........ . -117 16,445 -60,587 60,399 80 -131 243 -3,431 6 -124,603

May ....... . -102 14,725 -8,597 -51,900 108 715 738 -2,963 - 38,779

June....... . -372 53,981 -12,618 36,144 -296 381 -11 -2,327 57 -51,106

July ....... . 186 -3,882 -16,370 -36,210 -414 -50 1,353 4,926 207 24,084

Aug. ....... . -487 3,030 33,989 362 213 -24 375 -21,898 1 11,166

Sept. ...... . -252 8,362 -46,413 2,451 307 -1,322 476 9,885 218 -38,222

Means of fi nanc ing—net transactions, con.

Bor rowing from the pub lic— Cash and mon e tary assets (de duct)

Fed eral se cu ri ties, con. Re serve

In vest- po si tion Trans ac tions

ments of U.S. on the U.S. not ap plied

Agency Gov ern- Trea sury Spe cial quota in to year’s

securi- ment To tal op er at ing draw ing the IMF sur plus or To tal

Fis cal year ties ac counts 10+11-12 cash rights Other (de duct) Other def i cit fi nanc ing

or month (11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fis cal 1999 bud get, re leased by the Of fice of Man age ment and Bud get on May 26, 1998.

1994 1........... . 1,257,187 922,161 335,026 1,460,557 1,181,185 279,372 -203,370 -259,024 55,654 288,987

1995 1........... . 1,350,576 999,496 351,080 1,514,389 1,225,724 288,665 -163,813 -226,228 62,415 278,535

1996 1........... . 1,452,763 1,085,271 367,492 1,560,094 1,259,638 300,455 -107,331 -174,367 67,036 252,891

1997 1........... . 1,578,977 1,186,987 391,989 1,601,595 1,290,594 311,000 -22,618 -103,607 80,989 189,634

1998 1........... . 1,721,421 1,305,621 415,800 1,651,383 1,334,781 316,602 70,039 -29,160 99,198 112,831

1998 - Est......... . 1,703,785 1,283,964 419,821 1,664,724 1,347,095 317,629 39,061 -63,131 102,192 136,563

1997 - Sept. ...... . 174,770 138,847 35,923 125,484 91,678 33,806 49,286 47,169 2,118 9,285

Oct. ....... . 114,898 87,082 27,816 150,866 123,866 27,000 -35,968 -36,784 816 13,757

Nov. ....... . 103,481 73,689 29,792 120,830 91,326 29,504 -17,349 -17,637 287 35,349

Dec. ....... . 168,000 135,343 32,657 154,361 146,649 7,711 13,639 -11,307 24,946 39,984

1998 - Jan. ....... . 162,610 123,368 39,243 137,231 108,844 28,388 25,379 14,524 10,855 -12,708

Feb. ....... . 97,952 65,051 32,900 139,701 109,393 30,308 -41,750 -44,342 2,592 31,061

Mar . ...... . 117,930 80,647 37,283 131,743 101,967 29,775 -13,813 -21,320 7,508 22,180

Apr ........ . 261,002 216,988 44,014 136,400 108,570 27,830 124,603 108,419 16,184 -44,026

May ....... . 95,278 61,791 33,488 134,057 102,382 31,675 -38,779 -40,591 1,812 6,230

June....... . 187,860 144,972 42,888 136,754 125,605 11,149 51,106 19,367 31,739 41,735

July ....... . 119,723 87,819 31,903 143,807 115,713 28,094 -24,084 -27,894 3,809 -20,438

Aug. ....... . 111,741 79,134 32,606 122,907 92,555 30,353 -11,166 -13,420 2,254 37,506

Sept. ...... . 180,947 149,737 31,210 142,725 107,911 34,814 38,222 41,826 -3,604 -37,799
FED ERAL FIS CAL OP ER A TIONS 13

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 So cial insurance

and re tire ment re ceipts 2

 Em ploy ment and gen eral re tire ment 

In come taxes Old-age, dis abil ity, and

Fis cal year In di vid ual Cor po ra tion Net in come hos pi tal in sur ance

or month With held Other Re funds Net Gross Re funds Net taxes Gross Re funds Net

1994 1........... . 3,767 44 3,723 428,810 28,114 110 28,004 4,563 98 4,661

1995 1........... . 3,972 30 3,942 451,046 28,985 107 28,878 4,461 89 4,550

1996 1........... . 3,966 93 3,872 476,362 28,687 103 28,584 4,389 80 4,469

1997 1........... . 4,063 12 4,052 506,750 28,307 105 28,202 4,344 74 4,418

1998 1........... . 4,381 28 4,353 540,016 27,595 111 27,484 4,261 74 4,335

1998 - Est......... . 4,104 - 4,104 543,081 27,941 - 27,941 4,251 77 4,328

1997 - Sept. ...... . 388 * 388 47,013 251 4 247 336 5 342

Oct. ....... . 362 -1 364 36,928 1,448 5 1,443 408 5 414

Nov. ....... . 317 - 317 39,629 2,526 - 2,526 328 6 334

Dec. ....... . 311 1 310 44,297 432 7 425 420 7 427

1998 - Jan. ....... . 378 * 378 50,395 1,040 4 1,036 326 7 333

Feb. ....... . 439 5 434 41,825 2,589 1 2,589 329 6 335

Mar . ...... . 494 8 486 47,389 315 13 301 331 6 337

Apr ........ . 380 * 379 56,544 4,620 31 4,589 326 6 332

May ....... . 396 1 395 42,560 8,281 8 8,273 400 6 406

June....... . 81 5 76 54,807 300 8 292 362 7 369

July ....... . 501 6 494 41,130 2,315 14 2,301 377 8 385

Aug. ....... . 397 2 395 41,973 3,518 16 3,502 326 6 331

Sept. ...... . 323 * 323 42,540 210 4 206 327 6 333

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

 So cial in sur ance and re tire ment re ceipts, con. 2 

 Em ploy ment and gen eral re tire ment, con. 2 Net for other

Net Un em ploy ment in sur ance in sur ance and re tire ment

em ploy ment Net Fed eral

Fis cal year Rail road re tire ment and gen eral un em ploy ment em ploy ees Other

or month Gross Re funds Net re tire ment Gross Re funds in sur ance re tire ment re tire ment To tal

See foot notes at end of ta ble.

1994 1............... . 459,699 160,117 77,077 542,738 154,205 13,820 140,385 683,123 425,985 898 425,087

1995

 1

............... . 499,898 175,884 85,624 590,157 174,422 17,334 157,088 747,245 447,104 - 447,104

1996 1............... . 533,080 212,234 88,897 656,417 189,055 17,231 171,824 828,241 474,134 1,644 472,490

1997 1............... . 580,207 250,819 93,560 737,466 204,492 22,199 182,294 919,760 503,749 1,051 502,698

1998 1............... . 646,483 281,590 99,476 828,597 213,270 24,593 188,677 1,017,274 537,733 2,071 535,662

1998 - Est. ........... . 810,516 - - 810,516 187,712 - 187,712 998,228 538,977 - 538,977

1997 - Sept. .......... . 44,442 36,231 2,474 78,199 39,133 1,795 37,338 115,537 47,676 1,051 46,625

Oct. ........... . 55,270 6,299 889 60,680 6,357 3,103 3,254 63,934 36,564 - 36,564

Nov............ . 47,581 2,054 3,040 46,596 4,900 987 3,913 50,509 39,312 - 39,312

Dec............ . 64,604 5,240 784 69,060 44,973 936 44,037 113,097 43,987 - 43,987

1998 - Jan. ........... . 56,628 40,040 870 95,798 6,888 2,481 4,407 100,205 50,017 - 50,017

Feb. ........... . 54,225 2,925 14,941 42,209 3,598 2,769 829 43,038 41,391 - 41,391

Mar . .......... . 55,290 7,345 22,973 39,662 23,153 3,661 19,491 59,153 46,903 - 46,903

Apr ............ . 51,811 129,533 23,059 158,284 29,910 2,549 27,361 185,645 56,164 * 56,165

May ........... . 49,854 4,206 24,086 29,974 4,706 1,447 3,259 33,233 42,165 - 42,165

June .......... . 48,501 35,146 2,060 81,587 41,098 1,313 39,785 121,372 54,731 - 54,731

July ........... . 57,486 4,003 2,520 58,969 5,808 1,736 4,072 63,041 40,635 - 40,635

Aug............ . 51,881 4,945 1,525 55,300 2,952 1,484 1,468 56,768 41,577 - 41,577

Sept. .......... . 53,353 39,854 2,729 90,479 38,928 2,128 36,800 127,279 44,288 2,071 42,217
(

1

2

)

(

1

3

)

(

1

4

)

(

1

5

)

(

1

6

)

(

1

7

)

(

1

8

)

14 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-2.—On-budget and Off-budget Re ceipts by Source, con.

[In mil lions of dol lars. Source: “Monthly State ment of Re ceipts and Out lays of the United States Gov ern ment”]

So cial in sur ance

 and re tire ment 

re ceipts,

con.

 2

Net so cial insur- Ex cise taxes

 Fis cal year ance and Air port and Air way Trust Fund Black Lung Dis abil ity Trust Fund High way Trust Fund Mis cel la neous

or month re tire ment re ceipts

 2 Gross Re funds Net Gross Re funds Net Gross Re funds Net Gross Re funds Net

(22) (23) (24) (25) (26) (27) (28) (29) (30) (31) (32) (33) (34)

 Ex cise taxes, Net mis cel la neous re ceipts

con. De posits

 Net of earn ings To tal re ceipts

 Fis cal year ex cise Es tate and gift taxes Cus toms du ties by Fed eral All On- Offor month taxes Gross Re funds Net Gross Re funds Net Re serve Banks other To tal bud get bud get

(35) (36) (37) (38) (39) (40) (41) (42) (43) (44) (45) (46)

1994 1............. . 55,225 15,607 382 15,225 20,973 874 20,099 18,023 4,018 22,041 922,161 335,026

1995 1............. . 57,485 15,144 380 14,764 21,067 1,767 19,300 23,378 3,928 27,306 999,496 351,080

1996 1............. . 54,015 17,592 403 17,189 19,788 1,117 18,671 20,477 4,755 25,232 1,085,271 367,492

1997 1............. . 56,926 20,356 511 19,845 19,872 1,945 17,927 19,636 5,513 25,149 1,186,987 391,989

1998 1............. . 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1998 - Est. ......... . 55,642 23,091 - 23,091 17,879 - 17,879 25,051 8,544 33,595 1,283,964 419,821

1997 - Sept. ........ . 5,719 1,897 49 1,849 1,730 139 1,590 1,868 607 2,474 138,847 35,923

Oct. ......... . 5,090 2,240 41 2,198 1,904 102 1,802 2,661 428 3,089 87,082 27,816

Nov.......... . 5,204 1,562 52 1,510 1,507 184 1,323 2,173 275 2,447 73,689 29,792

Dec.......... . 5,176 1,539 41 1,498 1,585 169 1,416 1,267 396 1,663 135,343 32,657

1998 - Jan. ......... . 4,683 1,827 19 1,808 1,496 109 1,387 2,128 636 2,764 123,368 39,243

Feb. ......... . 4,796 1,551 51 1,500 1,529 75 1,454 1,832 583 2,414 65,051 32,900

Mar . ........ . 4,499 1,892 47 1,845 1,540 129 1,412 2,066 928 2,994 80,647 37,283

Apr .......... . 5,742 4,279 81 4,198 1,533 105 1,428 1,863 662 2,525 216,988 44,014

May ......... . 4,841 1,887 41 1,845 1,379 81 1,297 2,216 608 2,823 61,791 33,488

June......... . 5,370 1,822 47 1,775 1,705 137 1,568 1,580 727 2,307 144,972 42,888

July ......... . 6,127 1,863 39 1,825 1,876 98 1,777 2,323 812 3,135 87,819 31,903

Aug.......... . 3,181 1,764 46 1,718 1,852 120 1,732 1,833 702 2,535 79,134 32,606

Sept. ........ . 2,961 2,405 49 2,356 1,784 84 1,701 2,599 974 3,572 149,737 31,210

Fis cal 1998 ......... . 57,669 24,631 555 24,076 19,689 1,392 18,297 24,540 7,730 32,270 1,305,621 415,800

1994 1............... . 461,475 5,217 28 5,189 567 - 567 17,426 758 16,668 33,573 772 32,801

1995 1............... . 484,474 5,406 39 5,367 608 - 608 23,358 913 22,445 29,926 861 29,065

1996 1............... . 509,415 2,405 21 2,384 614 - 614 25,309 329 24,980 27,698 1,662 26,036

1997 1............... . 539,371 4,044 37 4,007 614 - 614 24,665 798 23,867 29,368 931 28,437

1998 1............... . 571,835 7,556 43 7,513 636 - 636 26,515 805 25,710 24,524 714 23,810

1998 - Est. ........... . 575,350 7,975 - 7,975 640 - 640 26,063 - 26,063 20,964 - 20,964

1997 - Sept. .......... . 47,601 152 8 144 72 - 72 1,832 90 1,742 4,000 239 3,762

Oct. ........... . 38,784 1,443 4 1,439 32 - 32 2,716 209 2,507 938 -174 1,112

Nov............ . 42,488 666 - 666 58 - 58 2,457 - 2,457 2,087 64 2,023

Dec............ . 45,149 835 - 835 58 - 58 2,338 1 2,337 1,996 50 1,946

1998 - Jan. ........... . 51,765 589 - 589 51 - 51 2,645 - 2,645 1,431 34 1,398

Feb. ........... . 44,749 613 - 613 59 - 59 2,455 - 2,455 1,720 51 1,669

Mar . .......... . 48,027 557 - 557 48 - 48 1,907 - 1,907 2,326 339 1,987

Apr ............ . 61,465 711 18 693 51 - 51 2,780 308 2,472 2,254 -273 2,527

May ........... . 51,239 716 - 716 58 - 58 2,640 - 2,640 1,488 61 1,427

June .......... . 55,468 632 - 632 45 - 45 3,125 - 3,125 1,629 61 1,569

July ........... . 43,817 704 - 704 58 - 58 3,412 - 3,412 2,010 57 1,953

Aug............ . 45,806 365 8 357 51 - 51 345 214 130 2,466 -177 2,643

Sept. .......... . 43,079 -276 13 -289 68 - 68 -304 73 -376 4,178 621 3,557

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

2

 Col umn ti tle changes are in ac cor dance with the fis cal 1999 bud get re align ment.

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fis cal 1999 bud get, re leased by the Of fice of Man age ment and Bud get on May 26, 1998.
(

1

9

)

(

2

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)

(

2

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FED ERAL FIS CAL OP ER A TIONS 15

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

De part- De part ment De part ment

Legis- De part- De part- ment of De part- De part- of Health of Housing De part- De part- De part-

 Fis cal year lative Ju di cial ment of ment of De fense, ment of ment of and Hu man and Ur ban ment of ment of ment of

or month branch branch Ag ri cul ture Com merce mil i tary Ed u ca tion En ergy Ser vices De vel op ment the In te rior Jus tice La bor

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1994 1............. . 2,561 2,659 60,812 2,915 268,635 24,699 17,840 310,837 25,774 6,910 10,005 36,919

1995 1............. . 2,621 2,903 56,667 3,403 259,565 31,321 17,618 303,074 29,045 7,415 10,781 32,170

1996 1............. . 2,272 3,061 54,338 3,703 253,258 29,900 16,199 319,803 25,512 6,720 11,951 32,496

1997 1............. . 2,361 3,259 52,558 3,780 258,330 30,013 14,470 339,492 27,833 6,724 14,291 30,461

1998 1............. . 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1998 - Est. ......... . 2,879 3,719 54,836 4,065 253,360 30,747 14,574 357,531 30,177 7,969 15,474 30,562

1997 - Sept. ........ . 176 252 6,242 345 20,179 3,862 1,316 26,520 422 720 970 2,081

Oct. ......... . 373 299 6,277 294 25,302 2,369 1,249 32,733 3,535 625 1,110 2,404

Nov.......... . 213 363 4,568 324 16,729 2,933 1,113 24,621 1,707 465 1,220 2,015

Dec.......... . 210 185 6,010 419 25,787 2,752 1,399 33,051 2,116 952 1,543 2,100

1998 - Jan. ......... . 191 223 5,755 224 19,842 3,142 1,155 29,286 3,205 535 1,263 2,858

Feb. ......... . 188 372 3,460 319 19,459 4,799 997 27,890 1,904 591 1,423 2,413

Mar . ........ . 179 240 3,815 281 19,310 1,183 1,070 27,589 1,926 544 1,320 2,713

Apr .......... . 194 230 3,278 296 20,832 2,403 1,283 30,761 2,702 527 1,245 2,835

May ......... . 172 283 2,706 291 22,189 1,197 1,144 27,727 2,242 399 1,263 2,391

June......... . 215 239 3,962 439 21,140 2,281 1,257 30,015 2,599 531 1,664 2,585

July ......... . 191 422 3,394 389 24,566 1,836 1,363 32,480 3,056 762 1,569 2,807

Aug.......... . 132 304 4,566 369 17,405 2,859 1,038 25,400 1,242 523 1,473 2,654

Sept. ........ . 283 303 6,158 402 23,574 2,738 1,375 29,010 3,990 781 1,037 2,227

Fis cal 1998 ......... . 2,543 3,463 53,949 4,047 256,136 30,492 14,444 350,564 30,224 7,234 16,129 30,003

1994 1............. . 5,718 37,278 296,278 10,981 37,401 - 30,402 5,855 229 - 334 10,511

1995 1............. . 5,347 38,776 332,414 16,027 37,770 - 31,664 6,349 213 - 708 11,163

1996 1............. . 4,953 38,777 343,955 21,375 36,915 - 32,535 6,046 202 - 625 9,716

1997 1............. . 5,237 39,838 355,796 23,585 39,279 - 33,833 6,167 219 - 1,083 10,191

1998 1............. . 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

1998 - Est. ......... . 5,261 40,419 362,409 26,352 43,074 4,168 31,494 6,440 240 3,246 944 9,619

1997 - Sept. ........ . 409 3,840 20,874 -2,859 1,826 - 2,921 645 16 - 304 888

Oct. ......... . 457 3,914 21,771 933 5,259 273 2,532 493 18 228 486 424

Nov.......... . 206 3,013 26,407 631 1,848 339 2,568 413 16 106 -775 710

Dec.......... . 879 3,703 67,795 1,496 4,920 427 2,569 612 17 195 533 3,853

1998 - Jan. ......... . 332 2,783 21,176 748 3,323 266 2,617 446 14 146 404 397

Feb. ......... . 368 2,744 21,609 10,591 3,376 310 2,616 479 20 122 -487 -135

Mar . ........ . 370 2,948 21,781 6,857 1,869 242 2,628 535 17 225 461 698

Apr .......... . 391 2,719 21,212 3,118 4,042 215 2,627 527 31 224 603 1,134

May ......... . 308 2,968 27,448 1,166 3,596 300 2,627 509 19 210 589 548

June......... . 229 3,395 68,937 1,255 3,354 314 2,608 593 9 177 511 120

July ......... . 419 3,605 20,832 1,407 4,966 388 2,616 572 16 134 -1,058 268

Aug.......... . 256 3,450 23,977 203 1,757 299 2,617 514 22 107 -5 319

Sept. ........ . 370 4,224 20,878 -2,129 3,467 460 2,590 608 11 226 -126 666

Fis cal 1998 ......... . 4,585 39,468 363,824 26,276 41,775 3,833 31,215 6,300 213 2,101 1,136 9,001

De part ment of

De part- the Trea sury, De part- De part- Other En vi ron- Fed eral Gen eral Interment of in ter est ment of the ment of Corps De fense, men tal Ex ec u tive Emer gency Ser vices na tional

Fis cal year De part ment Transpor- on the Trea sury, Vet erans of civil Pro tec tion Of fice of the Man age ment Admin- As sis tance

or month of State tation Pub lic Debt other Af fairs En gi neers

 2 pro grams 3

Agency Pres i dent Agency 4istration Pro gram 5

(13) (14) (15) (16) (17) (18) (19) (20) (21) (22) (23) (24)

See foot notes at end of ta ble.
16 FED ERAL FIS CAL OP ER A TIONS

TA BLE FFO-3.—On-budget and Off-budget Out lays by Agency, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

Na tional Un dis trib uted off set ting re ceipts 

 Aero nau tics Rents and

and Na tional Of fice of Small So cial Other Em ployer In ter est roy al ties

Space Sci ence Per son nel Busi ness Se cu rity indepen- share, re ceived on the Outer To tal out lays

Fis cal year Adminis- Foun- Man age- Adminis- Admin- dent em ployee by trust Con ti nen tal On- Offor month tration dation 6 ment tration istration agen cies re tire ment funds Shelf lands Other bud get bud get

(25) (26) (27) (28) (29) (30) (31) (32) (33) (34) (35) (36)

1994 1............. . 13,694 - 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * 1,181,185 279,372

1995 1............. . 13,377 - 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 1,225,724 288,665

1996 1............. . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455

1997 1............. . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000

1998 1............. . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

1998 - Est. ......... . 13,723 3,165 46,418 -62 408,172 14,395 -34,961 -112,696 -4,987 -8,002 1,347,095 317,629

1997 - Sept. ........ . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806

Oct. ......... . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000

Nov. ......... . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504

Dec. ......... . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711

1998 - Jan. ......... . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388

Feb. ......... . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308

Mar . ........ . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775

Apr .......... . 1,177 259 3,922 20 33,760 166 -2,562 -279 -306 -3,185 108,570 27,830

May ......... . 1,149 231 3,655 10 33,905 1,813 -2,728 -6,080 -118 -70 102,382 31,675

June......... . 1,170 285 3,995 39 37,939 -2,583 -2,622 -49,113 -786 -1 125,605 11,149

July ......... . 1,179 330 4,014 22 36,431 286 -3,037 -37 -495 -1,886 115,713 28,094

Aug. ......... . 1,088 303 3,840 24 31,657 40 -2,573 -2,307 -206 -443 92,555 30,353

Sept. ........ . 1,335 289 4,083 -443 34,309 8,944 -6,067 -1,006 -354 -1,488 107,911 34,814

Fis cal 1998 ......... . 14,206 3,188 46,307 -78 408,202 11,641 -34,872 -113,838 -4,522 -7,803 1,334,781 316,602

* Less than $500,000.

1

 Data for the pe riod do not re flect postyear ad just ments pub lished in the “Monthly Trea sury

State ment of Re ceipts and Out lays of the United States Gov ern ment,” the source for this ta ble.

2

 Be gin ning in fis cal 1998, amounts pre vi ously posted un der “De part ment of De fense-Civil”

are now di vided among “Other De fense, civil pro grams” and “Corps of En gi neers,” in ac cor -

dance with the fis cal 1999 bud get re align ment.

3

 Be gin ning in fis cal 1998, “Other De fense, civil pro grams,” in clude amounts pre vi ously

posted un der “In de pend ent agen cies,” in clud ing ac tiv i ties of the Amer i can Bat tle Mon u ment

and the Se lec tive Ser vice in ac cor dance with the fis cal 1999 bud get re align ment.

4

 Be gin ning in fis cal 1998, “Fed eral Emer gency Man age ment Agency” in cludes ac tiv ity pre viously posted un der “In de pend ent agen cies” in ac cor dance with the fis cal 1999 bud get realign ment.

5

 The col umn for merly en ti tled “Funds Ap pro pri ated to the Pres i dent” is la beled “In ter na tional

As sis tance Pro gram,” in ac cor dance with the fis cal 1999 bud get re align ment.

6

 Be gin ning in fis cal 1998, ac tiv ity that was pre vi ously in cluded in “In de pend ent agen cies” is

now re ported sep a rately for the “Na tional Sci ence Foun da tion” in ac cor dance with the fis cal

1999 bud get re align ment. 

 Note.—On-budget and off-budget es ti mates are based on the “Mid-session Re view” of the

fis cal 1999 bud get, re leased by the Of fice of Man age ment and Bud get on May 26, 1998.
FED ERAL FIS CAL OP ER A TIONS 17

Re ceipts:

In di vid ual in come taxes .............. . 204,745 4 - 204,748 828,534 63 - 828,597

Cor po ra tion in come taxes ............ . 42,340 - - 42,340 188,598 - 79 188,677

So cial in sur ance and re tire ment re ceipts:

Em ploy ment and gen eral retirement . . . - - 125,643 125,643 - - 540,016 540,016

Un em ploy ment insurance .......... . - - 6,010 6,010 - - 27,484 27,484

Other retirement.................. . - - 1,050 1,050 - - 4,335 4,335

Ex cise taxes....................... . 7,950 67 4,252 12,269 22,733 439 34,497 57,669

Es tate and gift taxes ................ . 5,899 - - 5,899 24,076 - - 24,076

Cus toms duties .................... . 3,429 1,609 172 5,210 11,860 5,725 711 18,297

Mis cel la neous receipts .............. . 7,541 1,496 205 9,242 27,030 4,753 487 32,270

Total........................... .

271,904 3,177

1

137,330 412,411 1,102,831 10,981

2

 607,609 1,721,421

Net out lays:

Na tional defense ................... . 69,784 -764 94 69,114 284,821 535 -14,949 270,407

In ter na tional affairs ................. . 3,373 -963 -29 2,380 17,326 -3,848 -333 13,144

Genaral sci ence, space, and technology . . 5,104 - 12 5,116 19,588 - 44 19,632

Energy ........................... . 477 423 2 902 3,374 -2,018 3 1,359

Nat u ral re sources and environment..... . 5,921 -267 533 6,188 20,652 -606 1,852 21,897

Agriculture ........................ . 1,404 3,212 -4 4,612 4,593 9,716 -2 14,306

Com merce and hous ing credit......... . 4,903 693 -96 5,501 7,767 -6,830 -31 907

Transportation ..................... . 977 161 9,404 10,542 6,237 -8 30,381 36,610

Com mu nity and regional development . . . 3,014 -292 79 2,801 10,981 -725 182 10,437

Ed u ca tion, train ing, em ploy ment 

and so cial services................ . 12,793 -68 83 12,808 52,180 -138 172 52,214

Health ........................... . 33,055 -37 12 33,030 130,475 -9 550 131,015

Medicare ......................... . 15,629 - 32,334 47,963 65,181 - 127,639 192,820

In come security .................... . 26,994 -953 26,747 52,788 131,946 -639 101,643 232,949

So cial security ..................... . 2,138 - 92,804 94,942 9,158 - 370,069 379,226

Vet erans ben e fits and services ........ . 10,090 -193 243 10,139 41,248 -445 980 41,782

Ad min is tra tion of justice.............. . 4,435 232 1,276 5,943 18,449 318 3,845 22,612

Gen eral government ................ . 24,577 -139 -21,353 3,086 32,871 2,446 -21,414 13,903

Net interest ....................... . 61,869 -349 -3,387 58,132 358,346 -1,033 -113,960 243,353

Un dis trib uted off set ting receipts ....... . -3,780 -1,089 -11,677 -16,546 -10,875 -1,448 -34,872 -47,194

Total........................... .

282,757 -394

1

127,076 409,439 1,204,317 -4,734

2

451,799 1,651,383

TA BLE FFO-4.—Sum mary of Re ceipts by Source and Out lays by Func tion of the U.S. Gov ern -

ment, Fourth-Quar ter Fis cal Year 1998 and Other Pe riods

[In mil lions of dol lars, Source: Fi nan cial Man age ment Ser vice]

 

 This quar ter Fis cal year to date

 Fed eral funds Fed eral funds 

 Man age ment, Man age ment,

 re volv ing re volv ing 

 Gen eral and spe cial Trust Gen eral and spe cial Trust

 funds funds funds To tal funds funds funds To tal

 Clas si fi ca tion (1) (2) (3) (4) (5) (6) (7) (8)

- No trans ac tions.

1

 Trust fund pro pri etary re ceipts of $9,196 have been off set against out lays, rather than in cluded in trust fund re ceipts.

2

 Trust fund pro pri etary re ceipts of $36,454 have been off set against out lays, rather than in cluded in trust fund re ceipts.
18

IN TRO DUC TION: Source and Avail abil ity of the

 Bal ance in the Ac count of the U.S. Trea sury

The Trea sury’s op er at ing cash is main tained in ac counts

with the Fed eral Re serve Banks (FRBs) and branches, as well

as in tax and loan ac counts in other fi nan cial in sti tu tions. Major in for ma tion sources in clude the Daily Bal ance Wire received from the FRBs and branches, and elec tronic trans fers

through the Let ter of Credit Pay ment, Fedline Pay ment, and

Fedwire De posit Sys tems. As the FRB ac counts are de pleted,

funds are called in (with drawn) from thou sands of tax and loan

ac counts at fi nan cial in sti tu tions through out the coun try.

Un der au thor ity of Pub lic Law 95-147, Trea sury im ple -

mented a pro gram on No vem ber 2, 1978, to in vest a por tion of

its op er at ing cash in ob li ga tions of depositaries main tain ing

tax and loan ac counts. Un der the Trea sury tax and loan in vest -

ment pro gram, de pos i tary fi nan cial in sti tu tions se lect the

man ner in which they will par tic i pate. Fi nan cial in sti tu tions

wish ing to re tain funds de pos ited into their tax and loan accounts in in ter est-bearing ob li ga tions par tic i pate un der the

Note Op tion. The pro gram per mits Trea sury to col lect funds

through fi nan cial in sti tu tions and to leave the funds in Note

Op tion depositaries and in the fi nan cial com mu ni ties in which

they arise un til Trea sury needs the funds for its op er a tions. In

this way, Trea sury is able to neu tral ize the ef fect of its fluc tu at -

ing op er a tions on Note Op tion fi nan cial in sti tu tion re serves

and on the econ omy. Like wise, those in sti tu tions wish ing to

re mit the funds to the Trea sury’s ac count at FRBs do so un der

the Re mit tance Op tion.

De posits to tax and loan ac counts oc cur as cus tom ers of

fi nan cial in sti tu tions de posit tax pay ments, which the fi nan -

cial in sti tu tions use to pur chase Gov ern ment se cu ri ties. In

most cases, this in volves a trans fer of funds from a cus tomer’s

ac count to the tax and loan ac count in the same fi nan cial in sti -

tu tion. Also, Trea sury can di rect the FRBs to in vest ex cess

funds in tax and loan ac counts di rectly from the Trea sury account at the FRBs.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Credits and with draw als

Fed eral Re serve ac counts

 Credits 1

Re ceived through Tax and loan note ac counts 

Re mit tance Op tion With drawals

Fis cal year Re ceived tax and loan (trans fers to Fed eral

or month di rectly depositaries With drawals

2

Taxes 3Re serve ac counts)

(1) (2) (3) (4) (5)

See foot notes at end of ta ble.

1993 ............... . 3,407,516 331,337 3,746,152 584,383 583,369 

1994 ............... . 3,597,247 307,639 3,915,321 686,879 693,001 

1995 ............... . 3,904,812 226,833 4,129,866 642,952 642,716 

1996 ............... . 4,366,413 194,156 4,561,495 629,083 621,887 

1997 ............... . 4,263,210 191,134 4,454,345 775,799 776,394 

1997 - Sept.......... . 393,353 20,742 411,105 90,484 61,930 

 Oct .......... . 316,403 19,041 338,521 69,379 89,663 

 Nov .......... . 280,717 18,383 298,590 65,276 66,270 

 Dec .......... . 401,757 28,440 429,879 106,946 95,157 

1998 - Jan .......... . 329,140 21,239 350,270 77,218 68,903 

 Feb .......... . 359,589 18,336 378,440 71,071 94,585 

 Mar .......... . 351,851 22,149 373,547 88,946 78,048 

 Apr .......... . 528,038 23,630 529,144 89,829 51,954 

 May.......... . 300,446 18,883 341,650 68,155 97,734 

 June ......... . 379,424 24,580 391,558 98,766 75,069 

 July .......... . 308,664 21,111 343,268 74,646 97,364 

 Aug .......... . 340,066 18,981 356,991 67,424 69,119 

 Sept ......... . 342,862 24,424 369,039 92,010 87,807 
AC COUNT OF THE U.S. TREA SURY 19

1 Rep re sents trans fers from tax and loan note ac counts, pro ceeds from sales of se cu ri ties

other than Gov ern ment ac count se ries, and taxes.

2

 Rep re sents checks paid, wire trans fer pay ments, drawdowns on let ters of credit, re demp -

tions of se cu ri ties other than Gov ern ment ac count se ries, and in vest ment (trans fer) of ex cess

funds out of this ac count to the tax and loan note ac counts.

3

 Taxes el i gi ble for credit con sist of those de pos ited by tax pay ers in the tax and loan

depositaries as fol lows: With held in come taxes be gin ning March 1948; taxes on em ploy ers

and em ploy ees un der the Fed eral In sur ance Con tri bu tions Act be gin ning Jan u ary 1950, and

un der the Rail road Re tire ment Tax Act be gin ning July 1951; a num ber of ex cise taxes be gin -

ning July 1953; es ti mated cor po ra tion in come taxes be gin ning April 1967; all cor po ra tion in -

come taxes due on or af ter March 15, 1968; Fed eral Un em ploy ment Tax Act taxes be gin ning

April 1970, and in di vid ual es ti mated in come taxes be gin ning Oc to ber 1988.

TA BLE UST-1.—El e ments of Change in Fed eral Re serve

and Tax and Loan Note Ac count Bal ances, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Bal ances

 Dur ing pe riod

 End of pe riod High Low Av er age

Tax and Tax and Tax and Tax and

Fis cal year Fed eral loan note Fed eral loan note Fed eral loan note Fed eral loan note

or month Re serve ac counts Re serve ac counts Re serve ac counts Re serve ac counts

(6) (7) (8) (9) (10) (11) (12) (13)

1993 .............. . 17,289 35,217 28,386 37,540 1,108 1,625 6,510 18,978 

1994 .............. . 6,848 29,094 21,541 46,624 2,736 - 5,904 18,631 

1995 .............. . 8,620 29,329 20,977 41,288 2,826 99 6,127 16,955 

1996 .............. . 7,700 36,525 15,668 40,647 2,490 - 5,847 14,194 

1997 .............. . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 

1997 - Sept ........ . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 

 Oct ......... . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914 

 Nov......... . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198 

 Dec......... . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922 

1998 - Jan ......... . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257 

 Feb ......... . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489 

 Mar ......... . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531 

 Apr ......... . 28,014 60,016 41,801 60,016 3,534 2,346 9,708 24,012 

 May ......... . 5,693 30,438 7,732 57,854 4,107 30,438 5,474 43,312 

 June ........ . 18,140 54,135 27,085 61,150 4,613 3,130 10,401 32,678 

 July ......... . 4,648 31,417 7,866 54,719 4,426 31,417 5,431 42,649 

 Aug ......... . 6,704 29,722 6,704 31,417 4,246 5,978 5,130 11,932 

 Sept......... . 4,952 33,926 8,555 48,056 3,407 1,772 6,296 20,377 
IN TRO DUC TION: Fed eral Debt

Trea sury se cu ri ties (i.e., pub lic debt se cu ri ties) com prise

most of the Fed eral debt, with se cu ri ties is sued by other Fed eral 

agen cies ac count ing for the rest. Ta bles in this sec tion of the

“Trea sury Bul le tin” re flect the to tal. Fur ther de tailed in for ma -

tion is pub lished in the “Monthly State ment of the Pub lic Debt

of the United States.” Like wise, in for ma tion on agency se cu ri -

ties and on in vest ments of Fed eral Gov ern ment ac counts in

Fed eral se cu ri ties is pub lished in the “Monthly Trea sury Statement of Re ceipts and Out lays of the United States Gov ern -

ment.”

• Ta ble FD-1 sum ma rizes the Fed eral debt by list ing public debt and agency se cu ri ties held by the pub lic, in clud ing the

Fed eral Re serve. It also in cludes debt held by Fed eral agen cies, 

largely by the So cial Se cu rity and other Fed eral re tire ment trust 

funds. The net un am or tized pre mium and dis count also are

listed by to tal Fed eral se cu ri ties, se cu ri ties held by Gov ern -

ment ac counts, and se cu ri ties held by the pub lic. The dif fer -

ence be tween the out stand ing face value of the Fed eral debt

and the net un am or tized pre mium and dis count is clas si fied as

the ac crual amount. (For greater de tail on hold ings of Fed eral

se cu ri ties by par tic u lar classes of in ves tors, see the own er ship

ta bles, OFS-1 and OFS-2.)

• Ta ble FD-2 cat e go rizes by type in ter est-bearing mar ket -

able and non mar ket able Trea sury se cu ri ties. The dif fer ence

be tween in ter est-bearing and to tal pub lic debt se cu ri ties reflects out stand ing ma tured Trea sury se cu ri ties—that is, un re -

deemed se cu ri ties that have ma tured and are no lon ger ac cru ing 

in ter est. Be cause the Fed eral Fi nancing Bank is un der the super vi sion of Trea sury, its se cu ri ties are held by a U.S. Gov ern -

ment ac count.

• In ta ble FD-3, non mar ket able Trea sury se cu ri ties held by 

U.S. Gov ern ment ac counts are sum ma rized by is sues to par tic -

u lar funds within Gov ern ment. Many of the funds in vest in par

value spe cial se ries nonmarketables at in ter est rates de ter -

mined by law. Oth ers in vest in mar ket-based spe cial Trea sury

se cu ri ties whose terms mir ror those of mar ket able se cu ri ties.

• Ta ble FD-4 pres ents in ter est-bearing se cu ri ties is sued by

Gov ern ment agen cies. Fed eral agency bor row ing has de clined

in re cent years, in part be cause the Fed eral Fi nancing Bank has

pro vided fi nanc ing to other Fed eral agen cies. (Fed eral agency

bor row ing from Trea sury is pre sented in the “Monthly Treasury State ment of Re ceipts and Out lays of the United States

Gov ern ment.”)

• Ta ble FD-5 il lus trates the av er age length of mar ket able

in ter est-bearing pub lic debt held by pri vate in ves tors and the

ma tu rity dis tri bu tion of that debt. The av er age length has increased grad u ally since it hit a low of 2 years, 5 months in Decem ber 1975. It had reached a high of 6 years, 4 months in May

1991. The av er age length has de creased over time so that during most of 1996 the av er age length has been at 5 years, 3

months. In March 1971, Con gress en acted a lim ited ex cep tion

to the amount of bonds with rates greater than 4-1/4 per cent

that could be held by the pub lic. This per mit ted Trea sury to offer se cu ri ties ma tur ing in more than 7 years at cur rent mar ket

rates of in ter est for the first time since 1965. In March 1976 the

def i ni tion of a bond was changed to in clude those se cu ri ties

lon ger than 10 years to ma tu rity. This ex cep tion has ex panded

since 1971 au tho riz ing Trea sury to con tinue to is sue long-term

se cu ri ties, and the ceil ing on Trea sury bonds was re pealed on

No vem ber 10, 1988. The vol ume of pri vately held Trea sury

mar ket able se cu ri ties by ma tu rity class re flects the re main ing

pe riod to ma tu rity of Trea sury bills, notes and bonds. The av er -

age length is com prised of an av er age of re main ing pe ri ods to

ma tu rity, weighted by the amount of each se cu rity held by private in ves tors. In other words, com pu ta tions of av er age length

ex clude Gov ern ment ac counts and the Fed eral Re serve Banks.

• In ta ble FD-6, the debt ceil ing is com pared with the outstand ing debt sub ject to lim i ta tion by law. The other debt cat e -

gory in cludes Fed eral debt Con gress has des ig nated as be ing

sub ject to the debt ceil ing. Changes in the non-interest-bearing

debt shown in the last col umn re flect ma tu ri ties of Trea sury secu ri ties on non busi ness days, which can be re deemed on the

next busi ness day.

• Ta ble FD-7 de tails Trea sury hold ings of se cu ri ties is sued 

by Gov ern ment cor po ra tions and other agen cies. Cer tain Federal agen cies are au tho rized to bor row money from the Treasury, largely to fi nance di rect loan pro grams. In ad di tion,

agen cies such as the Bonneville Power Ad min is tra tion are autho rized to bor row from the Trea sury to fi nance cap i tal projects. Trea sury, in turn, fi nances these loans by sell ing Trea sury 

se cu ri ties to the pub lic.

20
FED ERAL DEBT 21

TA BLE FD-1.—Sum mary of Fed eral Debt

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 Se cu ri ties held by:

Amount out stand ing Gov ern ment ac counts The pub lic

End of Pub lic Pub lic Pub lic

fis cal year debt Agency debt Agency debt Agency

or month To tal se cu ri ties se cu ri ties To tal se cu ri ties se cu ri ties To tal se cu ri ties se cu ri ties

(1) (2) (3) (4) (5) (6) (7) (8) (9)

1994 ............. . 4,721,293 4,692,750 28,543 1,213,115 1,213,098 17 3,508,178 3,479,652 28,526

1995 ............. . 5,000,945 4,973,983 26,962 1,320,800 1,320,784 16 3,680,145 3,653,199 26,946

1996 ............. . 5,259,854 5,224,811 35,043 1,454,608 1,447,001 7,606 3,805,246 3,777,810 27,437

1997 ............. . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

1998 ............. . 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1997 - Sept......... . 5,446,333 5,413,146 33,187 1,605,557 1,598,459 7,098 3,840,776 3,814,687 26,089

Oct. ........ . 5,460,376 5,427,225 33,151 1,613,510 1,606,412 7,098 3,846,866 3,820,813 26,053

Nov. ........ . 5,495,944 5,462,622 33,322 1,620,346 1,613,248 7,098 3,875,598 3,849,374 26,224

Dec. ........ . 5,536,012 5,502,388 33,624 1,662,780 1,655,682 7,098 3,873,232 3,846,706 26,526

1998 - Jan. ........ . 5,520,507 5,490,064 30,443 1,672,306 1,667,708 4,598 3,848,201 3,822,356 25,845

Feb. ........ . 5,551,039 5,520,668 30,371 1,672,707 1,668,108 4,598 3,878,332 3,852,560 25,773

Mar. ........ . 5,572,942 5,542,426 30,516 1,674,976 1,670,378 4,598 3,897,966 3,872,048 25,918

Apr. ........ . 5,530,294 5,499,895 30,399 1,692,190 1,687,592 4,598 3,838,104 3,812,303 25,801

May ........ . 5,536,653 5,506,356 30,297 1,707,689 1,703,090 4,598 3,828,964 3,803,266 25,699

June ........ . 5,577,860 5,547,935 29,925 1,761,923 1,757,556 4,367 3,815,937 3,790,379 25,558

July......... . 5,557,849 5,527,738 30,111 1,758,265 1,753,898 4,367 3,799,584 3,773,840 25,744

Aug. ........ . 5,594,178 5,564,553 29,625 1,761,054 1,756,687 4,367 3,833,124 3,807,866 25,258

Sept......... . 5,555,565 5,526,193 29,372 1,769,497 1,765,580 3,917 3,786,068 3,760,613 25,455

1994 ............. . 4,721,293 77,297 4,643,996 1,213,115 1,472 1,211,644 3,508,178 75,826 3,432,352

1995 ............. . 5,000,945 79,995 4,920,950 1,320,800 3,188 1,317,612 3,680,145 76,807 3,603,338

1996 ............. . 5,259,854 77,931 5,181,923 1,454,608 5,698 1,448,910 3,805,246 72,233 3,733,013

1997 ............. . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

1998 ............. . 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

1997 - Sept......... . 5,446,333 76,633 5,369,700 1,605,557 6,984 1,598,573 3,840,776 69,649 3,771,127

Oct. ........ . 5,460,376 76,954 5,383,423 1,613,510 7,544 1,605,967 3,846,866 69,410 3,777,456

Nov. ........ . 5,495,944 77,001 5,418,943 1,620,346 7,967 1,612,379 3,875,598 69,034 3,806,564

Dec. ........ . 5,536,012 76,784 5,459,228 1,662,780 8,344 1,654,436 3,873,232 68,440 3,804,792

1998 - Jan. ........ . 5,520,507 77,168 5,443,339 1,672,306 8,952 1,663,354 3,848,201 68,216 3,779,985

Feb. ........ . 5,551,039 76,712 5,474,327 1,672,707 8,929 1,663,778 3,878,332 67,783 3,810,549

Mar. ........ . 5,572,942 76,290 5,496,652 1,674,976 9,010 1,665,966 3,897,966 67,280 3,830,686

Apr. ........ . 5,530,294 77,784 5,452,510 1,692,190 9,780 1,682,411 3,838,104 68,004 3,770,099

May ........ . 5,536,653 78,016 5,458,638 1,707,689 10,554 1,697,135 3,828,964 67,462 3,761,503

June ........ . 5,577,860 77,861 5,500,001 1,761,923 10,807 1,751,116 3,815,937 67,054 3,748,885

July......... . 5,557,849 78,101 5,479,749 1,758,265 11,031 1,747,234 3,799,584 67,070 3,732,515

Aug. ........ . 5,594,178 77,411 5,516,768 1,761,054 10,790 1,750,264 3,833,124 66,621 3,766,504

Sept......... . 5,555,565 76,849 5,478,717 1,769,497 10,872 1,758,625 3,786,068 65,977 3,720,092

Se cu ri ties held by Se cu ri ties held by

Fed eral debt se cu ri ties Gov ern ment ac counts the pub lic

End of Amount Net un am or tized Amount Net un am or tized Amount Net un am or tized

fis cal year out stand ing face pre mium and out stand ing face pre mium and out stand ing face pre mium and

or month value dis count Ac crual amount value dis count Ac crual amount value dis count Ac crual amount

(10) (11) (12) (13) (14) (15) (16) (17) (18)
22 FED ERAL DEBT

TA BLE FD-2.—In ter est-Bearing Pub lic Debt

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

To tal in ter est- Mar ket able

End of bear ing Trea sury in fla tion- Fed eral

fis cal year pub lic Trea sury Trea sury Trea sury in dexed Fi nancing Non mar ket able

or month debt To tal bills notes bonds notes Bank To tal

(1) (2) (3) (4) (5) (6) (7) (8)

 Non mar ket able, con.

State

End of U.S. Gov ern ment and lo cal

fis cal year sav ings ac count gov ern ment Do mes tic

or month se cu ri ties For eign se ries se ries se ries se ries Other

(9) (10) (11) (12) (13) (14)

1994 .......... . 4,689,524 3,091,602 697,295 1,867,507 511,800 - 15,000 1,597,922

1995 .......... . 4,950,644 3,260,447 742,462 1,980,343 522,643 - 15,000 1,690,197

1996 .......... . 5,220,790 3,418,371 761,232 2,098,670 543,469 - 15,000 1,802,419

1997 .......... . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

1998 .......... . 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1997 - Sept. .... . 5,407,528 3,439,616 701,909 2,122,172 576,151 24,384 15,000 1,967,912

Oct. ..... . 5,421,664 3,438,686 703,011 2,111,648 576,151 32,876 15,000 1,982,978

Nov. ..... . 5,426,155 3,433,599 718,906 2,079,406 587,335 32,952 15,000 1,992,556

Dec. ..... . 5,494,913 3,456,817 715,394 2,106,049 587,335 33,039 15,000 2,038,096

1998 - Jan. ..... . 5,450,015 3,398,110 688,846 2,065,496 587,335 41,432 15,000 2,051,905

Feb. ..... . 5,482,059 3,424,126 705,129 2,063,935 598,669 41,392 15,000 2,057,933

Mar. ..... . 5,535,273 3,467,093 720,077 2,091,895 598,669 41,452 15,000 2,068,180

Apr. ..... . 5,492,802 3,399,175 657,883 2,077,683 598,668 49,941 15,000 2,093,627

May ..... . 5,464,507 3,352,962 647,786 2,041,474 598,668 50,033 15,000 2,111,545

June..... . 5,540,243 3,369,510 641,114 2,064,602 598,668 50,126 15,000 2,170,733

July ..... . 5,520,079 3,350,797 638,112 2,040,339 598,668 58,678 15,000 2,169,282

Aug. ..... . 5,557,043 3,384,551 676,446 2,023,910 610,444 58,751 15,000 2,172,492

Sept. .... . 5,518,681 3,331,030 637,648 2,009,115 610,444 58,823 15,000 2,187,651

1994 ....................... . 176,413 41,996 1,211,689 137,386 29,995 445

1995 ....................... . 181,181 40,950 1,324,270 113,368 29,995 432

1996 ....................... . 184,147 37,488 1,454,690 95,674 29,995 424

1997 ....................... . 182,665 34,909 1,608,478 111,863 29,995 1

1998 ....................... . 180,816 35,079 1,777,329 164,431 29,995 1

1997 - Sept. ................. . 182,665 34,909 1,608,478 111,863 29,995 1

Oct. .................. . 182,853 34,609 1,616,693 118,826 29,995 1

Nov................... . 183,055 34,459 1,622,966 122,080 29,995 1

Dec................... . 181,209 36,159 1,666,650 124,081 29,995 1

1998 - Jan. .................. . 181,118 36,059 1,677,313 127,419 29,995 1

Feb................... . 181,281 35,859 1,678,618 132,179 29,995 1

Mar................... . 181,215 36,359 1,681,468 139,142 29,995 1

Apr. .................. . 181,296 36,159 1,698,799 147,376 29,995 1

May .................. . 180,670 36,229 1,713,647 151,003 29,995 1

June ................. . 180,653 36,029 1,769,085 154,969 29,995 1

July .................. . 180,631 35,654 1,765,397 157,604 29,995 1

Aug................... . 180,688 35,454 1,768,211 158,143 29,995 1

Sept. ................. . 180,816 35,079 1,777,329 164,431 29,995 1
FED ERAL DEBT 23

TA BLE FD-3.—Gov ern ment Ac count Se ries

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

Air port Fed eral

and Em ployees Fed eral Fed eral Fed eral Old-age and

End of Air way Bank Life Ex change Dis abil ity em ploy ees Hos pi tal Fed eral Sur vi vors

fis cal year Trust In sur ance In sur ance sta bi li za tion In sur ance re tire ment In sur ance Housing In sur ance

or month To tal Fund Fund Fund fund Trust Fund funds Trust Fund Ad min is tra tion Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Fed eral

Fed eral Sav- Sup pleings and Loan mentary Na tional

End of Cor po ra tion, Med i cal Gov ern ment Ser vice Life Rail road Trea sury Unemployfis cal year res o lu tion In sur ance life insur- High way In sur ance Postal Re tire ment de posit ment Trust

or month fund Trust Fund ance fund Trust Fund fund Ser vice fund Ac count funds Fund Other

(11) (12) (13) (14) (15) (16) (17) (18) (19) (20)

1994 ............. . 1,211,689 12,206 13,972 14,929 7,326 6,025 329,602 128,716 5,933 413,425

1995 ............. . 1,324,270 11,145 20,117 15,839 2,399 35,150 357,539 129,864 6,277 447,947

1996 ............. . 1,454,690 7,682 22,186 16,962 11,853 50,051 377,677 125,805 7,894 499,403

1997 ............. . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

1998 ............. . 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1997 - Sept. ....... . 1,608,478 6,360 26,329 18,038 15,460 63,513 407,202 116,621 13,643 567,445

Oct. ........ . 1,616,693 7,657 26,406 18,124 15,532 63,638 405,111 112,707 13,671 567,914

Nov. ........ . 1,622,966 8,062 26,204 18,205 15,482 63,861 402,873 113,798 13,671 567,453

Dec. ........ . 1,666,650 8,202 26,624 18,227 15,561 66,318 417,503 116,441 13,671 589,082

1998 - Jan. ........ . 1,677,313 8,375 26,267 18,070 15,632 67,964 416,963 118,056 13,475 598,426

Feb. ........ . 1,678,618 8,485 26,436 18,672 15,698 68,558 414,579 116,518 14,327 600,256

Mar. ........ . 1,681,468 8,570 27,097 18,715 15,627 69,601 412,213 116,904 14,173 605,741

Apr. ........ . 1,698,799 8,824 27,200 19,753 15,698 71,766 409,892 120,451 13,730 618,967

May ........ . 1,713,647 9,090 27,021 19,960 15,766 72,269 407,833 115,663 15,028 621,248

June........ . 1,769,085 9,534 27,470 19,084 15,691 76,019 421,687 122,736 15,213 648,883

July ........ . 1,765,397 9,759 27,279 19,109 16,005 76,413 419,538 119,236 15,215 651,777

Aug. ........ . 1,768,211 9,635 27,460 19,376 16,081 76,837 417,241 116,952 16,024 653,016

Sept. ....... . 1,777,329 8,550 27,445 19,377 15,981 76,947 440,145 118,250 14,518 653,282

1994 ............ . 1,649 21,489 114 7,751 11,852 1,270 10,596 130 39,745 184,959

1995 ............ . 528 13,513 106 8,954 11,954 1,249 12,129 130 47,098 202,332

1996 ............ . 694 27,175 99 11,660 12,007 860 14,763 77 53,849 213,993

1997 ............ . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

1998 ............ . 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878

1997 - Sept. ...... . 1,806 34,464 - 22,341 12,023 860 17,486 74 61,880 222,933

Oct. ....... . 1,834 33,596 - 22,223 11,952 14 17,412 74 61,253 237,575

Nov. ....... . 1,862 35,177 - 23,105 11,880 14 17,371 75 62,743 241,130

Dec. ....... . 1,873 35,053 - 24,137 12,291 14 17,316 75 63,324 240,938

1998 - Jan. ....... . 1,985 35,555 - 25,442 12,206 15 17,336 76 61,661 239,809

Feb. ....... . 1,996 35,100 - 24,946 12,122 - 17,476 77 62,411 240,961

Mar. ....... . 2,018 35,120 - 25,508 12,025 - 17,612 74 60,362 240,108

Apr. ....... . 2,037 34,318 - 26,425 11,935 728 18,201 71 60,650 238,153

May ....... . 2,055 37,430 - 27,610 11,864 31 19,199 72 69,425 242,083

June....... . 2,073 37,899 - 29,430 12,265 - 19,276 72 70,152 241,601

July ....... . 2,103 36,083 - 30,570 12,185 481 19,392 72 69,650 240,530

Aug. ....... . 2,017 39,578 - 27,665 12,108 1,399 19,698 68 72,101 240,955

Sept. ...... . 2,087 39,502 - 17,926 12,008 1,000 19,764 71 70,598 239,878
24 FED ERAL DEBT

TA BLE FD-4.—In ter est-Bearing Se cu ri ties Is sued by Gov ern ment Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment” and Fi nan cial Man age ment Ser vice]

 Fed eral De posit De part ment of

 In sur ance Cor po ra tion Housing and Ur ban Farm Credit Other

Fed eral Sav ings De vel op ment Sys tem in de pend ent

End of Bank and Loan Insur- Fed eral Fi nan cial Ten nes see

fis cal year To tal In sur ance ance Cor po ra tion, Housing As sis tance Val ley

or month out stand ing Fund res o lu tion fund Ad min is tra tion Corp. Au thor ity Postal Ser vice Other

(1) (2) (3) (4) (5) (6) (7) (8)

1994 ...................... . 28,543 - 538 112 1,261 26,121 - 509

1995 ...................... . 26,962 - 158 87 1,261 24,960 - 496

1996 ...................... . 35,043 - 126 82 1,261 28,683 4,406 485

1997 ...................... . 33,187 - 95 68 1,261 27,386 3,898 478

1998 ...................... . 29,372 - 63 174 1,261 26,685 717 471

1997 - Sept. ................ . 33,187 - 95 68 1,261 27,386 3,898 478

Oct. ................. . 33,151 - 95 68 1,261 27,350 3,898 479

Nov.................. . 33,322 - 95 93 1,261 27,494 3,898 481

Dec.................. . 33,624 - 95 102 1,261 27,786 3,898 482

1998 - Jan. ................. . 30,443 - 63 133 1,261 27,104 1,398 483

Feb.................. . 30,371 - 63 79 1,261 27,095 1,398 474

Mar.................. . 30,516 - 63 97 1,261 27,221 1,398 475

Apr. ................. . 30,399 - 63 102 1,261 27,098 1,398 476

May ................. . 30,297 - 63 108 1,261 26,989 1,398 478

June ................ . 29,925 - 63 144 1,261 26,811 1,167 479

July ................. . 30,111 - 63 156 1,261 26,984 1,167 480

Aug.................. . 29,625 - 63 155 1,261 26,507 1,167 470
FED ERAL DEBT 25

TA BLE FD-5.—Ma tu rity Dis tri bu tion and Av er age Length of Mar ket able

In ter est-Bearing Pub lic Debt Held by Pri vate In ves tors

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Amount

End of out stand ing Ma tu rity classes

fis cal year pri vately Within 1-5 5-10 10-20 20 years

or month held 1 year years years years and more Av er age length

1

(1) (2) (3) (4) (5) (6) (7)

TA BLE FD-6.—Debt Sub ject to Stat u tory Lim i ta tion

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States”]

End of Stat u tory Debt out stand ing In ter est-bearing debt Non-interest-bearing

fis cal year debt sub ject to lim i ta tion sub ject to lim i ta tion pub lic debt sub ject

or month limit To tal Pub lic debt Other debt 2Pub lic debt Other debt to lim i ta tion

(1) (2) (3) (4) (5) (6) (7)

1 Be gin ning Sep tem ber 1976, the ma tu rity dis tri bu tion and av er age length was cal cu lated on

the in ter est-bearing mar ket able debt pri vately held. In fla tion-indexed notes (first of fered in

1997) are ex cluded from the av er age length cal cu la tion. Pub lished data was changed for the

end of the fis cal years back through 1967.

2

 Con sists of guar an teed debt is sued by the Fed eral Housing Ad min is tra tion.

1994 ................... . 2,719,861 877,932 1,128,322 289,998 88,208 335,401 5 yrs. 8 mos.

1995 ................... . 2,870,781 1,002,875 1,157,492 290,111 87,297 333,006 5 yrs. 4 mos.

1996 ................... . 3,011,185 1,058,558 1,212,258 306,643 111,360 322,366 5 yrs. 3 mos.

1997 ................... . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

1998 ................... . 2,856,637 940,572 1,105,175 319,331 157,347 318,078 5 yrs. 8 mos.

1997 - Sept. ............. . 2,998,846 1,017,913 1,206,993 321,622 154,205 298,113 5 yrs. 4 mos.

Oct. .............. . 2,998,692 1,020,602 1,200,942 320,882 154,778 301,488 5 yrs. 4 mos.

Nov............... . 2,988,004 1,039,059 1,155,293 330,129 153,997 309,526 5 yrs. 5 mos.

Dec............... . 2,988,654 1,027,280 1,170,833 328,855 153,224 308,462 5 yrs. 5 mos.

1998 - Jan............... . 2,954,877 1,011,181 1,139,318 338,503 155,193 310,681 5 yrs. 5 mos.

Feb .............. . 2,978,212 1,029,311 1,147,184 326,495 154,836 320,386 5 yrs. 6 mos.

Mar .............. . 3,010,826 1,040,573 1,173,036 326,381 152,471 318,365 5 yrs. 5 mos.

Apr. .............. . 2,925,886 970,975 1,153,410 324,973 151,116 325,411 5 yrs. 6 mos.

May .............. . 2,995,190 964,171 1,113,080 335,515 162,395 312,001 5 yrs. 8 mos.

June ............. . 2,894,829 952,967 1,132,460 333,666 159,368 316,369 5 yrs. 7 mos.

July .............. . 2,886,700 945,246 1,101,844 311,814 161,250 311,353 5 yrs. 7 mos.

Aug............... . 2,918,259 982,323 1,106,124 296,791 159,382 318,674 5 yrs. 7 mos.

1994 ........................ . 4,900,000 4,605,338 4,605,226 112 4,603,700 112 1,526

1995 ........................ . 4,900,000 4,884,605 4,884,518 87 4,863,076 87 21,442

1996 ........................ . 5,500,000 5,137,195 5,137,113 82 5,135,157 82 1,956

1997 ........................ . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

1998 ........................ . 5,950,000 5,439,447 5,439,281 166 5,432,833 166 6,448

1997 - Sept. .................. . 5,950,000 5,327,624 5,327,556 68 5,323,010 68 4,546

Oct. ................... . 5,950,000 5,341,344 5,341,263 81 5,336,771 81 4,492

Nov.................... . 5,950,000 5,376,574 5,376,481 93 5,341,084 93 35,397

Dec.................... . 5,950,000 5,416,458 5,416,357 101 5,409,952 101 6,405

1998 - Jan. ................... . 5,950,000 5,403,697 5,403,621 76 5,364,640 76 38,981

Feb.................... . 5,950,000 5,434,237 5,434,158 79 5,396,617 79 37,541

Mar.................... . 5,950,000 5,456,497 5,456,401 96 5,450,316 96 6,085

Apr. ................... . 5,950,000 5,412,540 5,412,438 102 5,406,412 102 6,026

May ................... . 5,950,000 5,418,731 5,418,627 104 5,377,845 104 40,782

June .................. . 5,950,000 5,460,389 5,460,247 142 5,453,621 142 6,626

July ................... . 5,950,000 5,439,984 5,439,828 155 5,433,234 155 6,594

Aug.................... . 5,950,000 5,476,982 5,476,826 154 5,470,380 154 6,446
26 FED ERAL DEBT

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties

Is sued by Gov ern ment Cor po ra tions and Other Agencies

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 De part ment of Agriculture

End of Com mod ity Ru ral Ru ral Farmers Farm- Ru ral

fis cal year Credit De vel op ment Elec tri fi ca tion Home Ser vice Util ities

or month To tal Cor po ra tion Ad min is tra tion Ad min is tra tion Ad min is tra tion Agency Ser vice

(1) (2) (3) (4) (5) (6) (7)

De part ment of Ag ri cul ture, con. De part ment of De part ment of Housing

Ru ral Housing Ru ral Busi ness En ergy and Ur ban Development

End of and Com mu nity and Co op er a tive For eign Bonneville Fed eral

fis cal year De vel op ment De vel op ment Ag ri cul tural De part ment of Power Housing Other hous ing

or month Ser vice Ser vice Ser vice Ed u ca tion Ad min is tra tion Ad min is tra tion pro grams

(8) (9) (10) (11) (12) (13) (14)

1994 .............. . - - - 2,612 2,617 783 8,484

1995 .............. . 5,354 91 563 6,745 2,563 1,647 7,714

1996 .............. . 6,430 113 647 13,398 2,456 3,123 6,909

1997 .............. . 6,676 157 670 23,532 2,499 3,639 6,174

1998 .............. . 7,808 203 642 35,610 2,499 6,579 5,293

1997 - Sept. ........ . 6,676 157 670 23,532 2,499 3,639 6,174

Oct. ......... . 7,764 189 670 33,987 2,499 3,639 6,174

Nov.......... . 7,764 189 670 33,987 2,449 3,639 6,174

Dec.......... . 7,764 189 670 33,987 2,449 3,639 6,174

1998 - Jan. ......... . 7,764 189 670 33,987 2,509 4,139 6,174

Feb. ......... . 8,055 189 670 33,987 2,509 4,139 6,211

Mar. ......... . 8,055 189 670 33,987 2,509 4,139 6,211

Apr. ......... . 8,055 189 670 33,987 2,589 4,139 5,330

May ......... . 8,055 189 670 33,987 2,441 5,114 5,330

June......... . 8,055 189 670 37,201 2,441 5,114 5,330

July ......... . 8,050 189 670 37,201 2,441 5,114 5,330

Aug.......... . 8,050 195 670 37,201 2,492 5,114 5,330

1994 .............. . 163,642 16,909 2,112 8,855 8,529 - -

1995 .............. . 134,892 - - - - 8,596 12,161

1996 .............. . 117,290 - - - - 3,273 12,042

1997 .............. . 133,301 - - - - 9,818 12,925

1998 .............. . 154,155 - - - - 19,937 13,295

1997 - Sept. ........ . 133,301 - - - - 9,818 12,925

Oct. ......... . 147,133 - - - - 13,416 14,157

Nov.......... . 147,170 - - - - 14,969 14,141

Dec.......... . 150,798 - - - - 14,880 14,134

1998 - Jan. ......... . 153,892 - - - - 17,896 14,134

Feb. ......... . 153,855 - - - - 17,762 13,848

Mar. ......... . 152,979 - - - - 17,957 13,858

Apr. ......... . 151,412 - - - - 17,996 13,858

May ......... . 151,107 - - - - 17,157 13,967

June......... . 150,445 - - - - 17,079 13,615

July ......... . 149,886 - - - - 17,006 13,616

Aug.......... . 150,737 - - - - 17,723 13,646
FED ERAL DEBT 27

TA BLE FD-7.—Trea sury Hold ings of Se cu ri ties

Is sued by Gov ern ment Cor po ra tions and Other Agencies, con.

[In mil lions of dol lars. Source: “Monthly Trea sury State ment of Re ceipts and Out lays of the United States Gov ern ment”]

 De part ment of

De part ment of Vet erans Affairs 

End of Trea sury Di rect Loan Ex port-Import Rail road Small

fis cal year Fed eral Fi nancing loan guar anty Bank of the Re tire ment Busi ness

or month Bank fund fund United States Board Ad min is tra tion Other

(15) (16) (17) (18) (19) (20) (21)

1994 .............. . 94,357 2 1,107 2,632 4,909 7,289 2,445

1995 .............. . 69,297 1 1,272 2,665 4,956 8,341 2,928

1996 .............. . 47,046 * 1,270 2,736 5,018 8,811 4,019

1997 .............. . 34,944 * 2,028 3,140 5,039 9,406 12,651

1998 .............. . 34,036 - - 3,956 4,993 9,559 9,745

1997 - Sept. ........ . 34,944 * 2,028 3,140 5,039 9,406 12,651

Oct. ......... . 33,698 * 1,411 3,140 5,312 9,302 11,772

Nov.......... . 32,437 * 1,411 3,140 5,566 8,932 11,699

Dec.......... . 34,090 * 1,411 3,140 5,842 8,932 13,492

1998 - Jan. ......... . 33,321 * 1,411 3,140 6,113 8,932 13,508

Feb. ......... . 32,340 * 1,411 3,421 6,368 8,932 14,008

Mar. ......... . 30,487 * 1,411 3,421 6,626 9,559 13,896

Apr. ......... . 29,892 * 1,411 3,421 6,884 9,559 13,428

May ......... . 29,222 * 1,411 3,443 7,128 9,559 13,434

June......... . 28,158 * 1,411 3,943 4,204 9,559 13,476

July ......... . 27,610 * 1,411 3,943 4,473 9,559 13,270

Aug.......... . 27,398 * 1,411 3,943 4,726 9,559 13,276

* Less than $500,000. 
28 FED ERAL DEBT

CHARTS FD-A.—Average Length of Privately Held

Marketable Debt

(Charts are plot ted from fig ures pro vided by the Of fice of Mar ket Fi nance. See Ta ble FD-5.)

Years

June 1947

10 Years,

5 Months

Dec. 1975

2 Years,

5 Months

September 30, 1998

5 Years, 8 Months

Years
IN TRO DUC TION: Pub lic Debt Op er a tions

Chap ter 31 of Ti tle 31 of the United States Code al lows

the Sec re tary of the Trea sury to bor row money by is su ing

Trea sury se cu ri ties. The Sec re tary de ter mines the terms and

con di tions of is sue, con ver sion, ma tu rity, pay ment, and in ter -

est rate. New is sues of Trea sury notes ma ture in 2 to 10 years.

Bonds ma ture in more than 10 years from the is sue date. Each

mar ket able se cu rity is listed in the “Monthly State ment of the

Pub lic Debt of the United States.” The in for ma tion in this section of the “Trea sury Bul le tin” per tains only to mar ket able

Trea sury se cu ri ties, cur rent bills, notes, and bonds.

• Ta ble PDO-1 pro vides a ma tu rity sched ule of in ter -

est-bearing mar ket able pub lic debt se cu ri ties other than reg u -

lar weekly and 52-week bills. All unmatured Trea sury notes

and bonds are listed in ma tu rity or der, from ear li est to lat est. A

sep a rate break out is pro vided for the com bined hold ings of the

Gov ern ment ac counts and Fed eral Re serve Banks, so that the

“all other in ves tors” cat e gory in cludes all pri vate hold ings.

• Ta ble PDO-2 pres ents the re sults of weekly auc tions of

13- and 26-week bills, as well as auc tions of 52-week bills,

which are held ev ery 4 weeks. Trea sury bills ma ture each

Thurs day. New is sues of 13-week bills are reopenings of

26-week bills. The 26-week bill is sued ev ery fourth week to

ma ture on the same Thurs day as an ex ist ing 52-week bill is a

re open ing of the ex ist ing 52-week bill. New is sues of cash

man age ment bills are also pre sented. High, low, and av er age

yields on ac cepted ten ders and the dol lar value of to tal bids are

pre sented, with the dol lar value of awards made on both compet i tive and non com pet i tive ba sis.

Trea sury ac cepts non com pet i tive ten ders of up to $1 million for bills and $5 mil lion for notes and bonds in each auc tion 

of se cu ri ties to en cour age par tic i pa tion of in di vid u als and

smaller in sti tu tions.

• Ta ble PDO-3 lists the re sults of auc tions of mar ket able

se cu ri ties, other than weekly bills, in chro no log i cal or der over

the past 2 years. In cluded are: notes and bonds from ta ble

PDO-1; 52-week bills from ta ble PDO-2, and data for cash

man age ment bills.

• Ta ble PDO-4 in di cates the to tal amount of mar ket able

se cu ri ties al lot ted to each class of in ves tor. The Fed eral Reserve Banks tally into in ves tor classes the ten ders in each auction of mar ket able se cu ri ties other than weekly auc tions of 13-

and 26-week bills.

29

TREA SURY FI NANCING: JULY-SEPTEMBER

JULY

Trea sury An nounces Change in Fre quency of

3-Year Note

Auc tions and Dis con tinu ance of 3-Year Notes

Auc tions

The Trea sury De part ment has an nounced that it has discon tin ued is su ing 5-year notes on a monthly ba sis. The last

monthly 5-year note was is sued on June 30, 1998. Be gin ning

in Au gust 1998, the 5-year note will re place the 3-year note in

the quar terly refundings.

Auc tion of 29-Year 9-Month In fla tion-Indexed

bonds

July 1, 1998, Trea sury an nounced it would auc tion $8,000

mil lion of 29-Year 9-Month in fla tion-indexed bonds to raise

cash. The 29-3/4-year 3-5/8 per cent in fla tion in dexed bonds of

April 2028 were dated April 15, 1998, is sued July 15, 1998,

due April 15, 2028, with in ter est pay able Oc to ber 15 and April

15 un til ma tu rity. Ac crued in ter est of $9.06291 per $1,000,

cov er ing the pe riod from April 15, 1998, to July 15, 1998, was

pay able with each ac cepted ten der.

Ten ders for the bonds were re ceived prior to 12 noon e.d.t.

for non com pet i tive ten ders and prior to 1 p.m. e.d.t. for compet i tive ten ders on July 8, and to taled $19,056 mil lion, of

which $8,004 mil lion was ac cepted. All com pet i tive ten ders at

yields lower than 3.680 per cent were ac cepted in full. Ten ders

at 3.680 per cent were al lot ted 22 per cent. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 3.680 per cent with an equiv a lent ad justed

price of 99.550. The me dian yield was 3.630 per cent; and the

low yield was 3.500 per cent. Non com pet i tive ten ders to taled

$7 mil lion. Com pet i tive ten ders ac cepted from pri vate in ves -

tors to taled $8,004 mil lion.

In ad di tion to the $8,004 mil lion of ten ders ac cepted in the

auc tion pro cess, $400 mil lion was ac cepted from Fed eral Reserve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of bonds

of April 2028 is $1,600,000.

Auc tion of 2-Year Note

July 22 Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries AF-2000 to re fund $31,410

mil lion of se cu ri ties ma tur ing July 31 and to pay down about

$16,400 mil lion.

[Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]
30 PUB LIC DEBT OP ER A TIONS

TREA SURY FI NANCING: JULY-SEPTEMBER, con.

The notes of Se ries AF-2000 were dated July 31, 1998,

due July 31, 2000, with in ter est pay able Jan u ary 31 and July 31

un til ma tu rity. An in ter est rate of 5-3/8 per cent was set af ter the

de ter mi na tion as to which ten ders were ac cepted on a yield

auc tion ba sis.

Ten ders were re ceived prior to 12 noon e.d.t. for non com -

pet i tive ten ders and prior to 1 p.m. e.d.t. for com pet i tive tenders on July 29, and to taled $37,153 mil lion, of which $15,001

mil lion was ac cepted. All com pet i tive ten ders at yields lower

than 5.475 per cent were ac cepted in full. Ten ders at 5.475 percent were al lot ted 55 per cent. All non com pet i tive and suc cess -

ful com pet i tive bid ders were al lot ted se cu ri ties at the high

yield of 5.475 per cent with an equiv a lent price of 99.813. The

me dian yield was 5.464 per cent, and the low yield was 5.400

per cent. Non com pet i tive ten ders to taled $1,588 mil lion. Compet i tive ten ders ac cepted from pri vate in ves tors to taled

$13,413 mil lion.

In ad di tion to the $15,001 mil lion of ten ders ac cepted in

the auc tion pro cess, $1,800 mil lion was ac cepted from Fed eral 

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties, and $1,842 mil lion was ac cepted from Fed eral 

Re serve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of notes

of Se ries AF-2000 is $1,600,000.

52-Week Bills

July 10, 1998, ten ders were in vited for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills to be dated July 23,

1998, and to ma ture July 22, 1999. The is sue was to re fund

$13,525 mil lion of ma tur ing 52-week bills and to pay down

about $3,525 mil lion. The bills were auc tioned on July 16.

Ten ders to taled $40,693 mil lion, of which $10,058 mil lion

was ac cepted, in clud ing $934 mil lion of non com pet i tive tenders from the pub lic and $1,069 mil lion of the bills is sued to

Fed eral Re serve Banks as agents for for eign and in ter na tional

mon e tary au thor i ties. An ad di tional $385 mil lion was is sued

to Fed eral Re serve Banks as agents for for eign and in ter na -

tional mon e tary au thor i ties for new cash. In ad di tion, $5,305

mil lion of the bills is sued to Fed eral Re serve Banks for their

own ac count. The av er age bank dis count rate was 5.095 percent. 

AU GUST

Au gust Quar terly Fi nancing

Au gust 5 Trea sury an nounced it would auc tion $16,000

mil lion of 5-year notes of Se ries J-2003, $11,000 mil lion of

ad di tional 9-year 9-month notes of Se ries C-2008, and

$10,000 mil lion of 30-year bonds of Au gust 2028 to re fund

$27,791 mil lion of Trea sury se cu ri ties ma tur ing Au gust 15 to

raise about $9,200 mil lion of new cash.

The notes of Se ries J-2003 were dated Au gust 15, 1998,

due Au gust 15, 2003, with in ter est pay able Feb ru ary 15 and

Au gust 15 un til ma tu rity. An in ter est rate of 5-1/4 per cent was

set af ter the de ter mi na tion as to which ten ders were ac cepted

on a yield auc tion ba sis.

Ten ders were re ceived prior to 12 noon e.d.t. for non com -

pet i tive ten ders and prior to 1 p.m. e.d.t. for com pet i tive tenders on Au gust 11, and to taled $30,584 mil lion, of which

$16,001 mil lion was ac cepted. All non com pet i tive and success ful com pet i tive bid ders were al lot ted se cu ri ties at the high

yield of 5.327 per cent with an equiv a lent price of 99.665. The

me dian yield was 5.298 per cent, and the low yield was 5.250

per cent. Ten ders at the high yield were al lot ted 8 per cent. Noncom pet i tive ten ders to taled $460 mil lion. Com pet i tive ten ders 

ac cepted from pri vate in ves tors to taled $15,541 mil lion.

In ad di tion to the $16,001 mil lion of ten ders ac cepted in

the auc tion pro cess, $1,000 mil lion was ac cepted from Fed eral 

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties, and $2,834 mil lion was ac cepted from Fed eral 

Re serve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of notes

of Se ries J-2003 is $800,000.

The 9-3/4-year 5-5/8 per cent notes of Se ries C-2008 were

dated May 15, 1998, is sued Au gust 17, 1998, due May 15,

2008, with in ter est pay able No vem ber 15 and May l5 un til matu rity. Ac crued in ter est of $14.36821 per $1,000, cov er ing the

pe riod from May 15, 1998, to Au gust 17, 1998, was pay able

with each ac cepted ten der.

Ten ders were re ceived prior to 12 noon e.d.t. for non com -

pet i tive ten ders and prior to 1 p.m. e.d.t. for com pet i tive tenders on Au gust 12, and to taled $23,297 mil lion, of which

$11,001 mil lion was ac cepted at yields rang ing from 5.418

per cent, price 101.533, up to 5.436 per cent, price 101.397.

Ten ders at the high yield were al lot ted 40 per cent. Non com -

pet i tive ten ders were ac cepted in full at the av er age yield,

5.428 per cent, price 101.457. These to taled $88 mil lion. Compet i tive ten ders ac cepted from pri vate in ves tors to taled

$10,912 mil lion.

In ad di tion to the $11,001 mil lion of ten ders ac cepted in

the auc tion pro cess, $50 mil lion was ac cepted from Fed eral

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties, and $1,364 mil lion was ac cepted from Fed eral 

Re serve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of notes

of Se ries C-2008 is $320,000.

The bonds of Au gust 2028 were dated Au gust 15, 1998,

is sued Au gust 17, 1998, due Au gust 15, 2028, with in ter est

pay able Feb ru ary 15 and Au gust 15 un til ma tu rity. An in ter est

rate of 5-1/2 per cent was set af ter the de ter mi na tion as to

which ten ders were ac cepted on a yield auc tion ba sis. Ac crued

in ter est of $0.29891 per $1,000, cov er ing the pe riod from August 15 to Au gust 17, 1998, was pay able with each ac cepted

ten der.

Auc tion of 2-Year and 5-Year Notes

Au gust 19 Trea sury an nounced it would auc tion $15,000

mil lion of 2-year notes of Se ries AG-2000 to re fund $31,974
PUB LIC DEBT OP ER A TIONS 31

TREA SURY FI NANCING: JULY-SEPTEMBER, con.

mil lion of se cu ri ties ma tur ing Au gust 31 and to pay down

about $16,975 mil lion.

The notes of Se ries AG-2000 were dated Au gust 31,

1998, due Au gust 31, 2000, with in ter est pay able the last calen dar day of Feb ru ary and Au gust un til ma tu rity. An in ter est

rate of 5-1/8 per cent was set af ter the de ter mi na tion as to

which ten ders were ac cepted on a yield auc tion ba sis.

Ten ders were re ceived prior to 12 noon e.d.t. for non com -

pet i tive ten ders and prior to 1 p.m. e.d.t. for com pet i tive tenders on Au gust 26, and to taled $32,884 mil lion, of which

$15,006 mil lion was ac cepted. All com pet i tive ten ders at

yields lower than 5.125 per cent were ac cepted in full. Ten ders

at 5.125 per cent were al lot ted 86 per cent. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 5.125 per cent with an equiv a lent price of

100.000. The me dian yield was 5.110 per cent; and the low

yield was 5.050 per cent. Non com pet i tive ten ders to taled

$1,424 mil lion. Com pet i tive ten ders ac cepted from pri vate inves tors to taled $13,582 mil lion.

In ad di tion to the $15,006 mil lion of ten ders ac cepted in

the auc tion pro cess, $2,000 mil lion was ac cepted from Fed eral 

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties, and $2,994 mil lion was ac cepted from Fed eral 

Re serve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of notes

of Se ries AG-2000 is $1,600,000.

52-Week Bills

Au gust 7 ten ders were in vited for ap prox i mately $10,000

mil lion of 364-day Trea sury bills to be dated Au gust 20, 1998,

and to ma ture Au gust 19, 1999. The is sue was to re fund

$13,218 mil lion of ma tur ing 52-week bills and to pay down

about $3,225 mil lion. The bills were auc tioned on Au gust 18.

Ten ders to taled $33,069 mil lion, of which $10,011 mil lion

was ac cepted, in clud ing $1,039 mil lion of non com pet i tive

ten ders from the pub lic and $1,477 mil lion is sued to Fed eral

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties. An ad di tional $167 mil lion was is sued to Federal Re serve Banks as agents for for eign and in ter na tional

mon e tary au thor i ties for new cash.

In ad di tion, $5,565 mil lion was awarded to Fed eral Reserve Banks for their own ac counts. The av er age bank discount rate was 5.000 per cent.

Cash Man age ment Bills

Au gust 25 ten ders were in vited for ap prox i mately

$40,000 mil lion of 15-day bills to be is sued Au gust 31, 1998,

ma tur ing Sep tem ber 15, 1998. The is sue was to raise new

cash. Ten ders were opened on Au gust 27. They to taled

$60,925 mil lion, of which $40,010 mil lion was ac cepted. The

av er age bank dis count rate was 5.45 per cent.

SEP TEM BER

Auc tion of 2-Year Notes

Sep tem ber 16 Trea sury an nounced it would auc tion

$15,000 mil lion of 2-year notes of Se ries AH-2000 to re fund

$31,820 mil lion of se cu ri ties ma tur ing Sep tem ber 30 and to

pay down about $16,820 mil lion.

The notes of Se ries AH-2000 were dated Sep tem ber 30,

1998, due Sep tem ber 30, 2000, with in ter est pay able March 31

and Sep tem ber 30 un til ma tu rity. An in ter est rate of 4-1/2 percent was set af ter the de ter mi na tion as to which ten ders were

ac cepted on a yield auc tion ba sis.

Ten ders were re ceived prior to 12 noon e.d.t. for non com -

pet i tive ten ders and prior to 1 p.m. e.d.t. for com pet i tive tenders on Sep tem ber 23, and to taled $35,913 mil lion, of which

$15,003 mil lion was ac cepted. All com pet i tive ten ders at

yields lower than 4.615 per cent were ac cepted in full. Ten ders

at 4.615 per cent were al lot ted 71 per cent. All non com pet i tive

and suc cess ful com pet i tive bid ders were al lot ted se cu ri ties at

the high yield of 4.615 per cent with an equiv a lent price of

99.783. The me dian yield was 4.600 per cent; and the low yield

was 4.510 per cent. Non com pet i tive ten ders to taled $1,163

mil lion. Com pet i tive ten ders ac cepted from pri vate in ves tors

to taled $13,840 mil lion.

In ad di tion to the $15,003 mil lion of ten ders ac cepted in

the auc tion pro cess, $2,000 mil lion was ac cepted from Fed eral 

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties, and $2,242 mil lion was ac cepted from Fed eral 

Re serve Banks for their own ac count.

The min i mum par amount re quired for STRIPS of notes

of Se ries AH-2000 is $400,000.

52-Week Bills

Sep tem ber 10 ten ders were in vited for ap prox i mately

$10,000 mil lion of 364-day Trea sury bills to be dated Sep tem -

ber 17, 1998, and to ma ture Sep tem ber 16, 1999. The is sue was

to re fund $25,220 mil lion of all ma tur ing bills and to pay down

about $2,220 mil lion. The bills were auc tioned on Sep tem ber

15. Ten ders to taled $30,414 mil lion, of which $10,024 mil lion

was ac cepted, in clud ing $873 mil lion of non com pet i tive tenders from the pub lic and $1,722 mil lion is sued to Fed eral Reserve Banks as agents for for eign and in ter na tional mon e tary

au thor i ties. An ad di tional $11 mil lion was is sued to Fed eral

Re serve Banks as agents for for eign and in ter na tional mon e -

tary au thor i ties for new cash. In ad di tion, $5,390 mil lion was

is sued to Fed eral Re serve Banks for their own ac counts. The

av er age bank dis count rate was 4.505 per cent.
32 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States,” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

1998

Oct. 15 ........................................ . 7-1/8%-H note 10/15/91 10,268 1,017 9,251 

Oct. 31 ........................................ . 4-3/4%-T note 11/01/93 13,023 1,101 11,922 

Oct. 31 ........................................ . 5-7/8-AL note 10/31/96 21,221 1,362 19,859 

Nov. 15........................................ .

1

 8-7/8%-D note 11/15/88 9,903 859 9,044 

Nov. 15........................................ . 5-1/2%-Z note 11/24/95 20,598 2,722 17,876 

Nov. 15........................................ . 3-1/2% bond 10/03/60 225 162 63 

Nov. 30........................................ . 5-1/8%-U note 11/30/93 12,115 954 11,161 

Nov. 30........................................ . 5-5/8%-AM note 12/02/96 20,532 1,079 19,453 

Dec. 31........................................ . 5-1/8%-V note 12/31/93 12,444 1,680 10,764 

Dec. 31........................................ . 5-3/4%-AN note 12/31/96 20,615 1,075 19,540 

To tal ............... . 140,945 12,011 128,933 

1999

Jan. 15 ........................................ . 6-3/8%-E note 01/15/92 10,559 892 9,667 

Jan. 31 ........................................ . 5%-J note 01/31/94 12,901 841 12,060 

Jan. 31 ........................................ . 5-7/8%-AB note 01/31/97 19,468 1,937 17,531 

Feb. 15 ........................................ .

1 8-7/8%-A note 02/15/89 9,720 1,049 8,671 

Feb. 15 ........................................ . 5%-W note 02/15/96 21,997 3,744 18,253 

Feb. 28 ........................................ . 5-1/2%-K note 02/28/94 11,914 915 10,999 

Feb. 28 ........................................ . 5-7/8%-AC note 02/28/97 19,916 1,656 18,260 

Mar. 31 ........................................ . 5-7/8%-L note 03/31/94 12,780 1,875 10,905 

Mar. 31 ........................................ . 6-1/4%-AD note 03/31/97 19,798 1,431 18,367 

Apr. 15 ........................................ . 7%-F note 04/15/92 10,178 1,073 9,105 

Apr. 30 ........................................ . 6-1/2%-M note 05/02/94 12,292 1,275 11,017 

Apr. 30 ........................................ . 6 3/8% AE note 04/30/97 19,353 1,225 18,128 

May 15 ........................................ .

1 9-1/8%-B note 05/15/89 10,047 1,638 8,409 

May 15 ........................................ . 6-3/8%-X note 05/15/96 23,360 2,980 20,380 

May 31 ........................................ . 6-3/4%-N note 05/31/94 12,339 872 11,467 

May 31 ........................................ . 6-1/4%-AF note 06/02/97 18,575 971 17,604 

June 30 ....................................... . 6-3/4%-P note 06/30/94 13,101 1,645 11,456 

June 30 ....................................... . 6-%-AG note 06/30/97 17,862 789 17,073 

July 15 ........................................ . 6-3/8%-G note 07/15/92 10,006 359 9,647 

July 31 ........................................ . 6-7/8%-Q note 08/01/94 12,411 1,531 10,880 

July 31 ........................................ . 5-7/8%-AH note 07/31/97 16,839 1,397 15,442 

Aug. 15........................................ .

1 8%-C note 08/15/89 10,164 944 9,220 

Aug. 15........................................ . 6%-Y note 08/15/96 22,708 2,690 20,018 

Aug. 31........................................ . 6-7/8%-R note 08/31/94 12,397 1,146 11,251 

Aug. 31........................................ . 5-7/8%-L note 09/02/97 17,215 1,315 15,900 

Sept. 30 ....................................... . 7-1/8%-S note 09/30/94 12,836 1,490 11,346 

Sept. 30 ....................................... .

1 5-3/4%-K note 09/30/97 17,487 667 16,820 

Oct. 15 ........................................ . 6%-H note 10/15/92 10,337 406 9,931 

Oct. 31 ........................................ . 7-1/2%-T note 10/31/94 12,152 1,257 10,895 

Oct. 31 ........................................ .

1 5-5/8%-AL note 10/31/97 16,824 732 16,092 

Nov. 15........................................ .

1 7-7/8%-D note 11/15/89 10,774 864 9,910 

Nov. 15........................................ . 5-7/8%-Z note 11/15/96 22,870 2,991 19,879 

Nov. 30........................................ . 7-3/4%-U note 11/30/94 11,934 1,288 10,646 

Nov. 30........................................ .

1 5-5/8%-AM note 12/01/97 17,051 1,181 15,870 

Dec. 31........................................ . 7-3/4%-V note 01/03/95 12,523 1,419 11,104 

Dec. 31........................................ .

1 5-5/8%-AL note 12/31/97 16,747 846 15,901 

To tal ............... . 539,435 49,331 490,103 

2000

Jan. 15 ........................................ . 6-3/8% E note 01/15/93 10,104 690 9,414 

Jan. 31 ........................................ .

1 5-3/8-Y note 02/02/98 17,502 1,141 16,361 

Jan. 31 ........................................ . 7-3/4%-G note 01/31/95 12,229 1,125 11,103 

Feb. 15 ........................................ .

1 8-1/2%- A note 02/15/90 10,673 1,204 9,469 

Feb. 15 ........................................ . 5-7/8%-U note 02/18/97 20,421 1,019 19,402 

See foot notes at end of ta ble.
PUB LIC DEBT OP ER A TIONS 33

Feb. 29 ........................................ . 7-1/8%-H note 02/28/95 12,496 1,427 11,069 

Feb. 29 ........................................ .

1 5-1/2%-Z note 03/02/98 17,776 1,497 16,279 

Mar. 31 ........................................ . 6-7/8%-J note 03/31/95 13,188 1,402 11,786 

Mar. 31 ........................................ .

1 5-1/2%-AB note 03/31/98 17,206 1,998 15,208 

Apr. 15 ........................................ . 5-1/2%-F note 04/15/93 10,535 468 10,067 

Apr. 30 ........................................ .

1 5-5/8%-AC note 04/30/98 15,634 1,224 14,410 

Apr. 30 ........................................ . 6-3/4%-K note 05/01/95 12,433 1,524 10,909 

May 15 ........................................ .

1 8-7/8%-B note 05/15/90 10,496 480 10,016 

May 15 ........................................ . 6-3/8%-V note 05/15/97 20,763 2,832 17,931 

May 31 ........................................ . 6-1/4%-L note 05/31/95 12,752 843 11,909 

May 31 ........................................ .

1 5-1/2%-AD note 06/01/98 16,580 1,346 15,234 

June 30 ....................................... . 5-7/8%-M note 06/30/95 12,464 740 11,724 

June 30 ....................................... .

1 5-3/8%-AE note 06/30/98 14,939 1,488 13,451 

July 31 ........................................ . 6-1/8%-N note 07/31/95 12,339 754 11,585 

July 31 ........................................ .

1 5-3/8%-AK note 07/31/98 18,683 1,842 16,841 

Aug. 15........................................ .

1 8-3/4%-C note 08/15/90 11,081 1,312 9,769 

Aug. 15........................................ . 6-%-W note 08/15/97 18,053 1,970 16,083 

Aug. 31........................................ . 6-1/4%-P note 08/31/95 11,922 788 11,134 

Aug. 31........................................ .

1 5-1/2%-AG note 08/31/98 20,029 2,994 17,035 

Sept. 30 ....................................... . 6-1/8%-Q note 10/02/95 12,011 1,029 10,982 

Sept. 30 ....................................... .

1 4-1/2%-Q note 09/30/98 19,269 4,483 14,786 

Oct. 31 ........................................ . 5-3/4%-R note 10/31/95 12,080 537 11,543 

Nov. 15........................................ .

1 8-1/2%-D note 11/15/90 11,520 881 10,639 

Nov. 15........................................ .

1 5-3/4%-X note 11/17/97 16,036 1,711 14,325 

Nov. 30 ....................................... . 5-5/8%-S note 11/30/95 12,357 831 11,526 

Dec. 31 ....................................... . 5-1/2%-T note 01/02/96 12,821 891 11,930 

To tal ............... . 446,393 42,473 403,920 

2001

Jan. 31 ........................................ . 5-1/4%-E note 01/31/96 12,816 957 11,859 

Feb. 15 ........................................ . 11-3/4% bond 01/12/81 1,501 161 1,340 

Feb. 15 ........................................ .

1 7-3/4%-A note 02/15/91 11,313 983 10,330 

Feb. 15 ........................................ .

1 5-3/8%-S note 02/17/98 15,367 1,533 13,834 

Feb. 28 ........................................ . 5-5/8%-F note 02/29/96 12,820 1,135 11,685 

Mar. 31 ....................................... . 6-3/8%-G note 04/10/96 14,181 1,600 12,581 

Apr. 30 ....................................... . 6-1/4%-H note 04/30/96 13,780 1,231 12,549 

May 15 ........................................ . 13-1/8% bond 04/02/81 1,750 166 1,584 

May 15 ........................................ .

1 8%-B note 05/15/91 12,398 1,423 10,975 

May 15 ........................................ .

1 5 5/8%-T note 05/15/98 12,874 2,270 10,604 

May 31 ....................................... . 6-1/2%-J note 05/31/96 13,722 1,067 12,655 

June 30 ....................................... . 6-5/8%-K note 07/01/96 14,282 1,175 13,107 

July 31........................................ . 6-5/8%-L note 07/31/96 14,137 957 13,180 

Aug. 15........................................ .

1 7-7/8%-C note 08/15/91 12,339 1,375 10,964 

Aug. 15........................................ . 13-3/8% bond 07/02/81 1,753 256 1,497 

Aug. 31........................................ . 6-1/2%-M note 09/03/96 14,000 1,011 12,989 

Sept. 30 ....................................... . 6-3/8%-N note 09/30/96 14,519 1,149 13,370 

Oct. 31 ....................................... . 6-1/4%-P note 10/31/96 14,640 1,083 13,557 

Nov. 15........................................ . 15-3/4% bond 10/07/81 1,753 173 1,580 

Nov. 15........................................ .

1 7-1/2%-D note 11/15/91 24,226 2,745 21,481 

Nov. 30........................................ . 5-7/8%-Q note 12/02/96 14,031 729 13,302 

Dec. 31........................................ . 6-1/8%-R note 12/31/96 13,971 765 13,206 

To tal ............... . 262,174 23,943 238,229 

2002

Jan. 31 ........................................ . 6-1/4%-C note 01/31/97 13,453 1,155 12,298 

Feb. 15 ........................................ . 14-1/4% bond 01/06/82 1,759 160 1,599 

Feb. 28 ........................................ . 6-1/4%-D note 02/28/97 13,800 943 12,857 

Mar. 31 ........................................ . 6-5/8%-E note 03/31/97 14,301 1,326 12,975 

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States," Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

See foot notes at end of ta ble.

2000, con.
34 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States,” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

Apr. 30 ........................................ . 6-5/8%-F note 04/30/97 14,475 1,268 13,207 

May 15 ........................................ .

1 7-1/2%-A note 05/15/92 11,714 1,316 10,398 

May 31 ........................................ . 6-1/2%-G note 06/02/97 13,504 1,132 12,372 

June 30 ....................................... . 6-1/4%-H note 06/30/97 13,059 967 12,092 

July 15 ........................................ .

1 3-5/8%-J note 07/15/97 17,136 1,040 16,096 

July 31 ........................................ . 6%-K note 07/31/97 12,231 452 11,779 

Aug. 15........................................ .

1 6-3/8%-B note 08/17/92 23,859 2,532 21,327 

Aug. 31........................................ . 6-1/4%-L note 09/02/97 12,732 1,042 11,690 

Sept. 30 ....................................... .

1 5-7/8%-M note 09/30/97 12,807 700 12,107 

Oct. 31 ........................................ .

1 5-3/4%-N note 10/31/97 11,737 710 11,027 

Nov. 15........................................ . 11-5/8% bond 09/29/82 2,753 348 2,405 

Nov. 30........................................ .

1 5-3/4%-P note 12/01/97 12,121 695 11,426 

Dec. 31........................................ .

1 5-3/4%-Q note 12/31/97 12,052 585 11,467 

To tal ............... . 213,493 16,370 197,123 

2003

Jan. 31 ........................................ .

1 5-1/2%-C note 02/02/98 13,101 785 12,316 

Feb. 15 ........................................ . 10-3/4% bond 01/04/83 3,007 739 2,268 

Feb. 15 ........................................ .

1 6-1/4%-A note 02/16/93 23,563 2,145 21,418 

Feb. 28 ........................................ .

1 5-1/2%-D note 03/02/98 13,670 1,595 12,075 

Mar. 31 ........................................ .

1 5-1/2%-E note 03/31/98 14,173 1,435 12,738 

Apr. 30 ........................................ .

1 5-3/4%-F note 04/30/98 12,573 1,010 11,563 

May 15 ........................................ . 10-3/4% bond 04/04/83 3,249 331 2,918 

May 31 ........................................ .

1 5 1/2 %-G note 06/01/98 13,132 1,115 12,017 

June 30 ....................................... .

1 5 3/8 %-H note 06/30/98 13,127 1,265 11,862 

Aug. 15........................................ . 11-1/8% bond 07/05/83 3,501 514 2,987 

Aug. 15........................................ .

1 5-3/4%-B note 08/16/93 28,011 3,735 24,276 

Aug. 15........................................ .

1 5-3/4%-B note 08/17/98 19,852 2,859 16,993 

Nov. 15........................................ . 11-7/8% bond 10/05/83 7,260 811 6,449 

To tal ............... . 168,219 18,340 149,881 

2004

Feb. 15 ........................................ .

1 5-7/8%-A note 02/15/94 12,955 650 12,305 

May 15 ........................................ . 12-3/8% bond 04/05/84 3,755 770 2,985 

May 15 ........................................ .

1 7-1/4%-B note 05/16/94 14,440 1,906 12,534 

Aug. 15........................................ . 13-3/4% bond 07/10/84 4,000 528 3,472 

Aug. 15........................................ .

1 7-1/4%-C note 08/15/94 13,346 860 12,486 

Nov. 15........................................ .

1 11-5/8% bond 10/30/84 8,302 947 7,355 

Nov. 15........................................ .

1 7-7/8%-D note 11/15/94 14,374 1,763 12,611 

To tal ............... . 71,173 7,424 63,748 

2005

Feb. 15 ........................................ .

1 7-1/2%-A note 02/15/95 13,835 1,292 12,543 

May 15 ........................................ . 8-1/4% bond 05/15/75 4,224 2,177 2,047 

May 15 ........................................ .

1 12% bond 04/02/85 4,261 728 3,533 

May 15 ........................................ .

1 6-1/2%-B note 05/15/95 14,740 2,000 12,740 

Aug. 15........................................ .

1 10-3/4% bond 07/02/85 9,270 1,187 8,083 

Aug. 15........................................ .

1 6-1/2%-C note 08/15/95 15,003 1,800 13,203 

Nov. 15........................................ .

1 5-7/8%-D note 11/24/95 15,210 1,710 13,500 

To tal ............... . 76,541 10,894 65,648 

2006

Feb. 15 ........................................ .

1 9-3/8% bond 01/15/86 4,756 133 4,623 

Feb. 15 ........................................ .

1 5-5/8%-A note 02/15/96 15,514 1,708 13,806 

May 15 ........................................ .

1 6-7/8%-B note 05/15/96 16,015 2,125 13,890 

July 15 ........................................ .

1 7%-C note 07/15/96 22,740 2,610 20,130 

Oct. 15 ........................................ .

1 6-1/2%-D note 10/15/96 22,460 2,578 19,882 

See foot notes at end of ta ble.

2002, con.
PUB LIC DEBT OP ER A TIONS 35

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States,” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

See foot notes at end of ta ble.

To tal ............... . 81,485 9,154 72,331 

2007

Jan. 15 ........................................ .

1 3-3/8%-A note 02/06/97 16,231 1,300 14,931 

Feb. 15, 02-07 .................................. . 7-5/8% bond 02/15/77 4,234 1,546 2,688 

Feb. 18 ........................................ . 

1 6-1/4% B note 02/18/97 13,104 840 12,264 

May 15 ........................................ .

1 6-5/8% C note 05/15/97 13,958 1,750 12,208 

Aug. 15........................................ .

1 6-1/8% D note 08/15/97 25,637 2,270 23,367 

Nov. 15, 02-07 .................................. . 7-7/8% bond 11/15/77 1,495 379 1,116 

To tal ............... . 74,659 8,084 66,575 

2008

Jan. 15 ........................................ .

1 3-1/2% A note 01/15/98 8,496 500 7,996 

Feb. 17 ....................................... .

1 5-1/2% B note 02/17/98 13,583 1,420 12,163 

May 15 ....................................... .

1 5-5/8% C note 05/15/98 27,191 4,084 23,107 

Aug. 15, 03-08 .................................. . 8-3/8% bond 08/15/78 2,103 789 1,314 

Nov. 15, 03-08 .................................. . 8-3/4% bond 11/15/78 5,230 1,666 3,564 

To tal ............... . 56,603 8,459 48,144 

2009

May 15, 04-09 .................................. . 9-1/8% bond 05/15/79 4,606 1,313 3,293 

Nov. 15, 04-09 .................................. . 10-3/8% bond 11/15/79 4,201 1,076 3,125 

To tal ............... . 8,807 2,389 6,418 

2010

Feb. 15, 05-10 .................................. . 11-3/4% bond 02/15/80 2,494 858 1,636 

May 15, 05-10 .................................. . 10% bond 05/15/80 2,987 1,377 1,610 

Nov. 15, 05-10 .................................. . 12-3/4% bond 11/17/80 4,736 1,261 3,475 

To tal ............... . 10,218 3,495 6,721 

2011

May 15, 06-11 .................................. . 13-7/8% bond 05/15/81 4,609 1,474 3,135 

Nov. 15, 06-11 .................................. . 14% bond 11/16/81 4,901 975 3,926 

To tal ............... . 9,509 2,449 7,061 

2012

Nov. 15, 07-12 .................................. . 10-3/8% bond 11/15/82 11,032 1,962 9,070 

To tal ............... . 11,032 1,962 9,070 

2013

Aug. 15, 08-13 .................................. . 12% bond 08/15/83 14,755 3,781 10,974 

To tal ............... . 14,755 3,781 10,974 

2014

May 15, 09-14 .................................. . 13-1/4% bond 05/15/84 5,007 1,069 3,938 

Aug. 15, 09-14 .................................. . 12-1/2% bond 08/15/84 5,128 906 4,222 

Nov. 15, 09-14 .................................. .

1 11-3/4% bond 11/15/84 6,006 1,195 4,811 

To tal ............... . 16,141 3,170 12,970 

2015

Feb. 15 ........................................ .

1 11-1/4% bond 02/15/85 12,668 1,336 11,332 

Aug. 15........................................ .

1 10-5/8% bond 08/15/85 7,150 1,367 5,783 

Nov. 15........................................ .

1 9-7/8% bond 11/15/85 6,900 1,442 5,458 

To tal ............... . 26,718 4,145 22,573 
36 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States,” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

2016

Feb. 15 ........................................ .

1 9-1/4% bond 02/15/86 7,267 1,230 6,037 

May 15 ........................................ .

1 7-1/4% bond 05/15/86 18,824 1,502 17,322 

Nov. 15........................................ .

1 7-1/2% bond 11/15/86 18,864 1,438 17,426 

To tal ............... . 44,955 4,170 40,785 

2017

May 15 ........................................ .

1 8-3/4% bond 05/15/87 18,194 1,760 16,434 

Aug. 15........................................ .

1 8-7/8% bond 08/17/87 14,017 1,349 12,668 

To tal ............... . 32,211 3,109 29,102 

2018

May 15 ........................................ .

1 9-1/8% bond 05/15/88 8,709 602 8,107 

Nov. 15........................................ .

1 9% bond 11/22/88 9,033 266 8,767 

To tal ............... . 17,742 868 16,874 

2019

Feb. 15 ........................................ .

1 8-7/8% bond 02/15/89 19,251 1,093 18,158 

Aug. 15........................................ .

1 8-1/8% bond 08/15/89 20,214 1,976 18,238 

To tal ............... . 39,465 3,069 36,396 

2020

Feb. 15 ........................................ .

1 8-1/2% bond 02/15/90 10,229 1,041 9,188 

May 15 ........................................ .

1 8-3/4% bond 05/15/90 10,159 1,092 9,067 

Aug. 15........................................ .

1 8-3/4% bond 08/15/90 21,419 1,367 20,052 

To tal ............... . 41,806 3,499 38,307 

2021

Feb. 15 ........................................ .

1 7-7/8% bond 02/15/91 11,113 1,197 9,916 

May 15 ........................................ .

1 8-1/8% bond 05/15/91 11,959 958 11,001 

Aug. 15........................................ .

1 8-1/8% bond 08/15/91 12,163 1,340 10,823 

Nov. 15........................................ .

1 8% bond 11/15/91 32,798 1,510 31,288 

To tal ............... . 68,034 5,005 63,029 

2022

Aug. 15........................................ .

1 7-1/4% bond 08/17/92 10,353 800 9,553 

Nov. 15........................................ .

1 7-5/8% bond 11/16/92 10,700 770 9,930 

To tal ............... . 21,052 1,570 19,482 

2023

Feb. 15 ........................................ .

1 7-1/8% bond 02/16/93 18,374 1,600 16,774 

Aug. 15........................................ .

1 6-1/4% bond 08/16/93 22,909 1,382 21,527 

To tal ............... . 41,283 2,982 38,301 

2024

Nov. 15........................................ .

1 7-1/2% bond 08/15/94 11,470 565 10,905 

To tal ............... . 11,470 565 10,905 

2025

Feb. 15 ........................................ .

1 7-5/8% bond 02/15/95 11,725 865 10,860 

Aug. 15........................................ .

1 6-7/8% bond 08/15/95 12,602 1,305 11,297 

To tal ............... . 24,327 2,170 22,157 

2026

Feb. 15 ........................................ .

1 6% bond 02/15/96 12,905 1,039 11,866 

Aug. 15........................................ .

1 6-3/4% bond 08/15/96 10,894 1,195 9,699 

Nov. 15........................................ .

1 6-1/2% bond 11/15/96 11,493 1,920 9,573 

See foot notes at end of ta ble.

2016, con.
PUB LIC DEBT OP ER A TIONS 37

TA BLE PDO-1.—Ma tu rity Sched ules of In ter est-Bearing Mar ket able Pub lic Debt Se cu ri ties

Other than Reg u lar Weekly and 52-Week Trea sury Bills Out stand ing, Sept. 30, 1998, con.

[In mil lions of dol lars. Sources: “Monthly State ment of the Pub lic Debt of the United States,” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing, and Of fice of Mar ket Fi nance]

Amount of ma tu ri ties

 Held by

U.S. Gov ern ment

ac counts and Fed eral All other

Date of fi nal ma tu rity De scrip tion Is sue date To tal Re serve Banks in ves tors

(1) (2) (3) (4) (5)

To tal ............... . 35,292 4,154 31,138 

2027

Feb. 15 ........................................ .

1 6-5/8% bond 02/18/97 10,456 480 9,976 

Aug. 15........................................ .

1 6-3/8% bond 08/15/97 10,736 1,135 9,601 

Nov. 15........................................ .

1 6-1/8% bond 11/17/97 22,519 2,505 20,014 

To tal ............... . 43,710 4,120 39,590 

2028

2027, con.

1

 This se cu rity is el i gi ble for strip ping. See ta ble VI of the “Monthly State ment of the Pub lic

Debt of the United States.”
38 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-2.—Of fer ings of Bills

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States” and al lot ments; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

De scrip tion of new is sue Amount To tal unmatured

Num ber of Amounts of bids ac cepted ma tur ing on is sues outdays to Amount of On com- On non com- is sue date of stand ing af ter

Is sue date Ma tu rity date ma tu rity 1 bids ten dered To tal amount petitive ba sis 2 petitive ba sis 3 new of fer ing new is sues

(1) (2) (3) (4) (5) (6) (7) (8)

See foot notes at end of ta ble.

Reg u lar weekly:

(13 week and 26 week)

1998 - June 4.... . Sept. 3 91 36,531.7 9,301.7 7,971.6 1,330.1 11,627.4 121,960.7 

Dec. 3 182 38,382.1 11,185.4 9,993.7 1,191.7 10,978.8 304,982.6 

11 ... . Sept. 10 91 37,044.5 9,271.4 8,008.6 1,262.8 10,203.3 121,028.8 

Dec. 10 182 34,110.7 11,570.8 10,405.0 1,165.9 11,321.1 305,232.4 

18 ... . Sept. 17 91 30,912.9 8,720.7 7,423.3 1,297.4 9,460.5 120,289.0 

Dec. 17 182 32,417.4 11,246.9 10,114.8 1,132.1 11,323.9 305,155.3 

25 ... . Sept. 24 91 36,821.8 9,191.3 7,936.5 1,254.8 9,298.3 120,182.0 

Dec. 24 182 32,980.4 11,885.5 10,783.8 1,101.6 10,494.9 306,546.0 

July 2.... . Oct. 1 91 30,913.7 9,035.6 7,817.5 1,218.0 9,896.6 119,320.9 

Dec. 31 182 33,675.2 12,154.3 11,004.1 1,150.2 10,761.9 307,938.4 

 9.... . Oct. 8 91 39,988.4 8,806.2 7,513.5 1,292.8 9,381.1 118,746.0 

Jan. 7 182 37,198.4 12,181.5 10,857.3 1,324.2 12,275.5 307,844.4 

16 ... . Oct. 15 91 34,012.8 8,941.1 7,611.7 1,329.4 9,151.4 118,535.7 

Jan. 14 182 34,546.0 11,213.4 9,771.4 1,442.0 11,785.4 307,272.4 

23 ... . Oct. 22 91 40,594.0 9,234.0 8,063.6 1,170.4 9,051.6 118,718.1 

Jan. 21 182 33,617.6 11,134.8 9,890.4 1,244.4 10,929.1 307,478.1 

30 ... . Oct. 29 91 31,749.0 8,902.0 7,619.1 1,282.9 9,543.0 118,077.1 

Jan. 28 182 35,962.4 11,561.5 10,264.7 1,296.8 10,331.6 308,708.0 

Aug. 6.... . Nov. 5 91 32,346.3 9,131.8 7,724.0 1,407.8 9,505.7 117,703.1 

Feb. 4 182 35,805.3 11,967.2 10,593.0 1,374.2 11,502.2 309,172.9 

13 ... . Nov. 12 91 31,970.2 8,829.4 7,516.5 1,312.9 8,923.8 117,608.8 

Feb. 11 182 31,230.6 11,457.3 10,114.2 1,343.0 10,845.9 309,784.2 

20 ... . Nov. 19 91 33,769.1 9,544.7 8,263.5 1,281.2 9,033.6 118,119.9 

Feb 18 182 32,613.6 11,863.3 10,549.1 1,314.1 11,353.5 310,294.0 

27 ... . Nov. 27 92 29,295.5 9,059.1 7,753.9 1,305.2 9,768.9 117,410.1 

Feb. 25 182 35,405.2 11,298.6 10,052.8 1,245.8 10,864.0 310,728.5 

Sept. 3.... . Dec. 3 91 30,726.9 8,907.4 7,565.3 1,342.1 9,302.7 117,014.8 

Mar. 4 182 30,130.9 11,691.0 10,472.8 1,218.2 10,842.7 311,576.8 

10 ... . Dec. 10 91 27,836.8 9,048.1 7,769.9 1,278.2 9,271.0 116,791.9 

Mar. 11 182 30,374.7 11,326.0 10,142.1 1,183.9 11,376.7 311,526.0 

17 ... . Dec. 17 91 33,428.7 9,315.3 8,007.3 1,308.0 8,720.6 117,386.6 

Mar. 18 182 31,401.2 11,388.2 10,143.7 1,244.5 10,976.7 311,937.5 

24 ... . Dec. 24 91 26,139.2 11,160.0 9,964.4 1,195.6 9,191.6 119,355.0 

Mar. 25 182 25,928.4 11,302.3 10,076.3 1,226.0 10,382.9 312,856.9 

52 week:

1997- Sept. 18 ... . Sept. 17 364 80,766.5 18,301.9 17,461.0 840.9 19,906.7 259,376.6 

Oct. 16 ... . Oct. 15 364 60,298.6 18,774.1 17,981.5 792.6 18,482.5 259,668.1 

 Nov. 13 ... . Nov. 12 364 85,598.2 18,451.4 17,713.2 738.2 20,141.9 257,978.8 

 Dec. 11 ... . Dec. 10 364 46,305.7 18,011.0 17,162.4 848.6 20,542.5 255,448.9 

1998 - Jan. 8.... . 1999 - Jan. 7 364 48,378.5 17,836.8 16,755.3 1,081.5 20,609.8 255,205.8 

Feb. 5.... . Feb. 4 364 48,414.5 19,190.2 18,071.8 1,118.3 20,983.2 253,412.7 

Mar. 5.... . Mar. 4 364 53,056.7 17,973.1 16,895.7 1,077.4 20,840.5 250,545.2 

Apr. 2.... . Apr. 1 364 43,079.6 16,752.5 15,635.1 1,117.4 16,751.0 250,546.7 

Apr. 30... . Apr. 29 364 47,705.2 15,345.2 14,258.9 1,086.2 15,344.5 250,547.4 

May 28... . May 27 364 47,167.7 15,539.7 14,498.7 1,041.0 15,540.1 250,547.0 

June 25... . June 24 364 48,063.8 15,093.4 14,091.0 1,002.4 15,093.2 250,547.3 

July 23... . July 22 364 46,405.5 15,768.7 14,812.4 956.4 18,829.8 247,486.1 

Aug. 20... . Aug. 19 364 38,815.3 15,756.2 14,702.9 1,053.3 15,756.1 247,486.2 

Sept. 17... . Sept. 16 364 35,829.9 15,439.9 14,552.1 887.9 15,439.9 247,486.3 

Cash Man age ment:
PUB LIC DEBT OP ER A TIONS 39

TA BLE PDO-2.—Of fer ings of Bills, con.

[Dol lar amounts in mil lions. Source: “Monthly State ment of the Pub lic Debt of the United States” and al lot ments; Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 On to tal bids ac cepted On com pet i tive bids accepted

Av er age Av er age High Low

Av er age price dis count rate in vest ment rate 4 Dis count rate Price per Dis count rate Price per

Is sue date per hun dred (per cent) (per cent) (per cent) hun dred (per cent) hun dred

(9) (10) (11) (12) (13) (14) (15)

1

 The 13-week bills rep re sent ad di tional is sue of bills with an orig i nal ma tu rity of 26 weeks or 52

weeks. 

2

 For bills is sued on or af ter May 2, 1974, in cludes amounts ex changed on non com pet i tive basis by Gov ern ment ac counts and Fed eral Re serve Banks.

3

 For 13-week , 26-week and 52-week bills, ten ders $1 mil lion or less from any one bid der are

ac cepted in full at av er age price or ac cepted com pet i tive bids; for other is sues, the cor re -

spond ing amount is stip u lated in each of fer ing an nounce ment. 

4

 Equiv a lent cou pon-issue yield. 

5

 $2.5 million was ac cepted at rates be low the com pet i tive range. 

6

 $2.55 million was ac cepted at rates be low the com pet i tive range.

7

 $1.25 million was ac cepted at rates be low the com pet i tive range.

Reg u lar weekly:

1998 - June 4 .... . 98.750 4.95 5.08 4.95 98.749 4.93 98.754 

97.417 5.11 5.32 5.12 97.414 5.10 97.422 

11 ... . 98.737 5.00 5.13 5.00 98.736 4.98 98.741 

97.394 5.16 5.37 5.16 97.394 5.14 97.401 

18 ... . 98.734 5.01 5.14 5.02 98.732 5.00 98.736 

97.439 5.07 5.27 5.07 97.439 5.06 97.442 

25 ... . 98.739 4.99 5.12 5.00 98.737 4.97 98.744 

97.412 5.12 5.33 5.12 97.412 5.11 97.419 

 July 2 .... . 98.737 5.00 5.13 5.00 98.736 4.97 98.744 

97.444 5.06 5.26 5.06 97.442 55.05 97.447 

 9 .... . 98.750 4.96 5.09 4.96 98.746 4.95 98.750 

97.467 5.01 5.21 5.02 97.465 5.00 97.472 

16 ... . 98.741 4.98 5.11 4.99 98.740 4.97 98.744 

97.460 5.03 5.23 5.03 97.460 5.00 97.472 

23 ... . 98.749 4.95 5.08 4.96 98.747 4.95 98.749 

97.449 5.05 5.25 5.05 97.449 5.04 97.455 

30 ... . 98.756 4.92 5.05 4.92 98.756 4.90 98.761 

97.465 5.02 5.22 5.02 97.462 5.01 97.467 

Aug. 6 .... . 98.741 4.98 5.11 4.99 98.740 4.97 98.744 

97.457 5.03 5.23 5.04 97.455 5.03 97.457 

13 ... . 98.751 4.94 5.07 4.94 98.751 4.91 98.759 

97.503 4.94 5.14 4.94 97.503 4.92 97.513 

20 ... . 98.759 4.91 5.04 4.92 98.758 4.90 98.763 

97.500 4.95 5.14 4.95 97.498 4.94 97.505 

27 ... . 98.743 4.92 5.05 4.93 98.741 4.89 98.750 

97.503 4.94 5.14 4.95 97.500 4.94 97.503 

 Sept. 3 .... . 98.787 4.80 4.93 4.81 98.784 64.78 98.792 

97.558 4.83 5.02 4.84 97.556 74.82 97.563 

10 ... . 98.789 4.79 4.92 4.80 98.788 4.78 98.792 

97.578 4.79 4.98 4.79 97.578 4.77 97.589 

17 ... . 98.802 4.74 4.86 4.75 98.801 4.73 98.804 

97.596 4.76 4.94 4.76 97.594 4.73 97.609 

24 ... . 98.828 4.64 4.76 4.65 98.825 4.61 98.835 

97.667 4.62 4.79 4.63 97.662 4.59 97.682 

52-week:

1997 - Sept. 18 ... . 94.641 5.30 5.60 5.31 94.631 5.29 94.651 

Oct. 16 ... . 94.742 5.20 5.49 5.20 97.742 5.19 97.752 

Nov. 13 ... . 94.803 5.14 5.42 5.15 94.793 5.14 94.803 

Dec. 11 ... . 94.762 5.18 5.47 5.18 94.762 5.17 94.778 

1998 - Jan. 8. ... . 94.879 5.07 5.34 5.07 94.879 5.06 94.889 

Feb. 5 .... . 94.980 4.97 5.23 4.97 94.980 4.95 94.995 

Mar. 5 .... . 94.818 5.13 5.41 5.13 94.818 5.12 94.823 

Apr. 2 .... . 94.833 5.11 5.39 5.11 94.833 5.10 94.843 

Apr. 30 ... . 94.818 5.13 5.41 5.13 94.813 5.12 94.823 

May 28 ... . 94.793 5.15 5.43 5.15 94.793 5.15 94.798 

June 25 ... . 94.813 5.13 5.41 5.13 94.813 5.12 94.823 

July 23 ... . 94.848 5.10 5.38 5.10 94.848 5.08 94.864 

Aug. 20 ... . 94.944 5.00 5.27 5.00 94.944 5.00 94.955 

Sept. 17 ... . 95.445 4.51 4.73 4.51 95.440 4.48 95.470 
40 PUB LIC DEBT OP ER A TIONS

See foot notes at end of ta ble.

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Range of

ac cepted bids

Pe riod to fi nal ma tu rity Amount Amount for notes

Auc tion date Is sue date De scrip tion of se cu ri ties 1(years, months, days) 2ten dered is sued 3, 4 and bonds

(1) (2) (3) (4) (5) (6)

10/08/96 10/15/96 6-1/2% note—10/15/06-D 10y 24,360

5

 10,985

7

10/10/96 10/17/96 5.34% bill—10/16/97 364d 49,841 20,190

10/22/96 10/31/96 5-7/8% note—10/31/98-AL 2y 50,828 21,220

8

10/23/96 10/31/96 6-1/4% note—10/31/01-P 5y 31,319 14,639

9

10/31/96 11/01/96 5.17% bill—12/19/96-reopening 48d 54,347 17,048

11/05/96 11/15/96 5-7/8% note—11/15/99-Z 3y 46,564 22,870

10

11/06/96

6

 11/15/96 6-1/2% note—10/15/06-D-reopening 9y 11m 25,533

5

 11,473

11

11/07/96 11/14/96 5.20% bill—11/13/97 364d 58,250 20,141

11/07/96 11/15/96 6-1/2% bond—11/15/26 30y 28,334

5

 11,493

12

11/13/96 11/15/96 5.20% bill—12/19/96-reopening 34d 61,368 13,217

11/19/96 12/02/96 5-5/8% note—11/30/98-AM 2y 40,718 20,532

13

11/20/96 12/02/96 5-7/8% note—11/30/01-Q 5y 37,348 14,031

14

12/02/96 12/03/96 5.18% bill—12/17/96 14d 44,395 9,060

12/05/96 12/12/96 5.16% bill—12/11/97 364d 45,506 20,540

12/18/96 12/31/96 5-3/4% note—12/31/98-AN 2y 42,998 20,615

15

12/19/96 12/31/96 6-1/8% note—12/31/01-R 5y 36,362 13,970

16

01/02/97 01/09/97 5.31% bill—01/08/98 364d 49,118 20,610

01/22/97 01/31/97 5-7/8% note—01/31/99-AB 2y 44,655 19,466

17

01/23/97 01/31/97 6-1/4% note—01/31/02-C 5y 31,255 13,453

18

01/29/97

6

 02/06/97 3-3/8% ii note—01/15/07-A 10y 37,919

5

 7,703

19

01/30/97 02/06/97 5.34% bill—02/05/98 364d 53,634 20,982

02/11/97 02/18/97 5-7/8% note—02/15/00-U 3y 42,085 20,421

20

02/12/97

6

 02/18/97 6-1/4% note—02/15/07-B 10y 23,863

5

 13,103

21

02/13/97 02/18/97 6-5/8% bond—02/15/27 30y 24,664

5

 10,456

22

02/25/97 02/28/97 5-7/8% note—02/28/99-AC 2y 41,106 19,915

23

02/26/97 02/28/97 6-1/4% note—02/28/02-D 5y 27,662 13,798

24

02/27/97 03/03/97 5.16% bill—04/17/97 45d 82,159 23,140

02/27/97 03/06/97 5.36% bill—03/05/98 364d 51,822 20,840

03/25/97 03/31/97 6-1/4% note—03/31/99-AD 2y 40,532 19,797

25

03/26/97 03/31/97 6-5/8% note—03/31/02-E 5y 33,522 14,301

26

03/26/97 04/03/97 5.66% bill—04/02/98 364d 67,862 19,072

04/01/97 04/03/97 5.37% bill—04/17/97-reopening 14d 41,764 10,039

04/01/97 04/03/97 5.42% bill—04/22/97 19d 51,886 17,066

04/08/97

6

 04/15/97 3-3/8% ii note—01/15/07-A-reopening 9y 9m 18,464

5

 8,405

27

04/22/97 04/30/97 6-3/8% note—04/30/99-AE 2y 43,708 19,351

28

04/23/97 04/30/97 6-5/8% note—04/30/02-F 5y 34,266 14,475

29

04/24/97 05/01/97 5.72% bill—04/30/98 364d 73,240 20,688

05/06/97 05/15/97 6-3/8% note—05/15/00-V 3y 39,125 20,763

30

05/07/97 05/15/97 6-5/8% note—05/15/07-C 10y 24,266

5

 13,958

31

05/22/97 05/29/97 5.55% bill—05/28/98 364d 55,069 20,831

05/28/97 06/02/97 6-1/4% note—05/31/99-AF 2y 42,092 18,567

32

05/29/97 06/02/97 6-1/2% note—05/31/02-G 5y 34,876 13,492

33

06/02/97 06/03/97 5.25% bill—06/17/97 14d 64,243 30,022

06/19/97 06/26/97 5.35% bill—06/25/98 364d 67,730 19,430

06/24/97 06/30/97 6% note—06/30/99-AG 2y 40,541 17,861

34

06/25/97 06/30/97 6-1/4% note—06/30/02-H 5y 38,218 13,058

35

07/09/97 07/15/97 3-5/8% ii note—07/15/02-J 5y 26,858

5

 8,404

36

07/17/97 07/24/97 5.26% bill—07/23/98 364d 65,035 18,829

07/22/97 07/31/97 5-7/8% note—07/31/99-AH 2y 40,533 16,840

37

07/23/97 07/31/97 6% note—07/31/02-K 5y 33,845 12,231

38

07/31/97 08/01/97 5.35% bill—09/18/97-reopening 48d 56,078 18,060

08/05/97 08/15/97 6% note—08/15/00-W 3y 41,313 18,053

39

08/06/97 08/15/97 6-1/8% note—08/15/07-D 10y 27,869

5

 13,036

40

08/07/97 08/15/97 6-3/8% bond—08/15/27 30y 27,355

5

 10,736

41

08/14/97 08/21/97 5.28% bill—08/20/98 364d 62,454 18,783

08/26/97 09/02/97 5-7/8% note—08/31/99-AJ 2y 40,541 17,214

42

08/27/97 09/02/97 6-1/4% note—08/31/02-L 5y 27,996 12,732

43

08/28/97 09/02/97 5.47% bill—09/15/97 13d 75,872 26,224

09/11/97 09/18/97 5.30% bill—09/17/98 364d 80,767 18,302
PUB LIC DEBT OP ER A TIONS 41

09/23/97 09/30/97 5-3/4% note—09/30/99-AK 2y 39,868

5

 17,486

44

09/24/97 09/30/97 5-7/8% note—09/30/02-M 5y 35,396

5

 12,806

45

10/08/97

6

 10/15/97 3-5/8% ii note—07/15/02-J-reopening 4y 9m 28,953

5

 8,413

46

10/09/97 10/16/97 5.20% bill—10/15/98 364d 60,299 18,774

10/28/97 10/31/97 5-5/8% note—10/31/99-AL 2y 36,128

5

 16,822

47

10/29/97 10/31/97 5-3/4% note—10/31/02-N 5y 25,473

5

 11,736

48

10/30/97 11/03/97 5.18% bill—01/22/98-reopening 80d 66,320 21,139

11/04/97 11/17/97 5-3/4% note—11/15/00-X 3y 36,663

5

 16,036

49

11/05/97

6

 11/17/97 6-1/8% note—08/15/07-D-reopening 9y 9m 28,400

5

 12,599

50

11/06/97 11/17/97 6-1/8% bond—11/15/27 30y 29,354

5

 11,185

51

11/06/97 11/13/97 5.14% bill—11/12/98 364d 85,598 18,453

11/24/97 12/01/97 5-5/8% note—11/30/99-AM 2y 41,982

5

 17,055

52

11/25/97 12/01/97 5-3/4% note—11/30/02-P 5y 33,892

5

 12,120

53

11/25/97 12/01/97 5.56% bill—12/16/97 15d 89,907 35,209

12/04/97 12/11/97 5.180% bill—12/10/98 364d 46,306 18,013

12/22/97 12/31/97 5-5/8% note—12/31/99-AN 2y 35,878

5

 16,748

54

12/23/97 12/31/97 5-5/8% note—12/31/02-Q 5y 29,949

5

 12,053

55

01/06/98 01/08/98 5.341% bill—01/07/99 364d 48,379 17,837

01/08/98 01/15/98 3-5/8% ii note—01/05/08-A 10y 23,958 8,410

56

01/27/98 02/02/98 5-3/8% note—01/31/00-Y 2y 36,269 17,500

57

01/28/98 02/02/98 5-1/2% note—01/31/03-C 5y 24,911 13,099

58

01/29/98 02/05/98 4.965% bill—02/04/99 364d 48,415 19,191

02/10/98 02/17/98 5-3/8% note—02/15/01-S 3y 35,326 15,362

59

02/11/98 02/17/98 5-1/2% note—02/15/08-B 10y 31,416 13,584

60

02/12/98

6

 02/17/98 6-1/8% bond—11/15/27-reopening 29y 9m 22,536 11,334

61

02/12/98 02/17/98 5.29% bill—04/23/98 65d 85,000 22,389

02/24/98 03/02/98 5-1/2% note—02/29/00-Z 2y 36,313 17,770

62

02/25/98 03/02/98 5-1/2% note—02/28/03-D 5y 32,617 13,670

63

02/26/98 03/05/98 5.125% bill—03/04/99 364d 53,057 17,973

02/26/98 03/03/98 5.37% bill—04/16/98 44d 95,905 23,376

03/24/98 03/31/98 5-1/2% note—03/31/00-AB 2y 39,671 17,205

64

03/25/98 03/31/98 5-1/2% note—03/31/03-E 5y 25,782 14,173

65

03/26/98 04/02/98 5.110% bill—04/01/99 364d 43,080 16,752

04/01/98 04/03/98 5.45% bill—04/16/98 13d 70,638 19,125

04/08/98 04/15/98 3-5/8% bond—04/15/28 30y 21,016 8,404

66

04/23/98 04/30/98 5.125% bill—04/29/99 364d 47,705 15,345

04/28/98 04/30/98 5-5/8% note—04/30/00 2y 37,199 15,633

67

04/29/98 04/30/98 5-3/4% note—04/30/03 5y 27,756 12,573

68

05/12/98 05/15/98 5-5/8% note—05/15/01 3y 34,636 12,874

69

05/13/98 05/15/98 5-5/8% note—05/15/08 10y 31,447 14,775

70

05/21/98 05/28/98 5.150% bill—05/27/99 364d 47,168 15,540

05/27/98 06/01/98 5-1/2% note—05/31/00 2y 34,727 16,580

71

05/28/98 06/01/98 5-1/2% note—05/31/03 5y 31,273 13,132

72

06/02/98 06/03/98 5.30% bill—06/15/98 12d 48,059 15,004

06/18/98 06/25/98 5.130% bill—06/24/99 364d 48,064 15,093

06/23/98 06/30/98 5-3/8% note—06/30/00 2y 41,029 14,939

73

06/24/98 06/30/98 5-3/8% note—06/30/03 5y 28,428 13,127

74

07/08/98 07/15/98 3-5/8% bond—04/15/28-reopening 29y 9m 19,456 8,404 75

07/16/98 07/23/98 5.375% bill—07/22/99 364d 46,405 15,770 

07/29/98 07/31/98 5-3/8% note—07/31/00 2y 40,835 18,683 76

08/11/98 08/17/98 5-1/4% note—08/15/03 5y 34,435 19,852 77

08/12/98 08/17/98 5-5/8% note—05/15/08-reopening 9y 9m 24,712 12,415 78

08/13/98 08/17/98 5-1/2% bond—08/15/28 30y 26,650 11,776 79

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

[In mil lions of dol lars. Source: Bu reau of the Pub lic Debt, Of fice of Fi nancing]

Range of

ac cepted bids

Pe riod to fi nal ma tu rity Amount Amount for notes

Auc tion date Is sue date De scrip tion of se cu ri ties 1(years, months, days) 2ten dered is sued 3,4and bonds

(1) (2) (3) (4) (5) (6)

See foot notes at end of ta ble.
42 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-3.—Pub lic Of fer ings of Mar ket able Se cu ri ties

Other than Reg u lar Weekly Trea sury Bills, con.

1

 Cur rently, all is sues are sold at auc tion. For bill is sues, the rate shown is the av er age bank

dis count rate. For note and bond is sues, the rate shown is the in ter est rate. For de tails of bill of -

fer ings, see ta ble PDO-2.

2

 From date of ad di tional is sue in case of a re open ing.

3

 In reopenings the amount is sued is in ad di tion to the amount of orig i nal of fer ings. 

4

 In cludes se cu ri ties is sued to U.S. Gov ern ment ac counts and Fed eral Re serve Banks; and to

for eign and in ter na tional mon e tary au thor i ties, whether in ex change for ma tur ing se cu ri ties or

for new cash.

5

 All notes and bonds are el i gi ble for STRIPS.

6

 In ter est be gan to ac crue be fore the is sue date (set tle ment date) of this loan.

7

 Yields ac cepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the av -

er age at 6.502% (price 99.985).

8

 Ac cepted yields ranged up to 5.930% (price 99.898) in this sin gle-price auc tion.

9

 Ac cepted yields ranged up to 6.325% (price 99.683) in this sin gle-price auc tion.

10

 Yields ac cepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the

av er age at 5.879% (price 99.989).

11

 Yields ac cepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the

av er age at 6.273% (price 101.643).

12

 Yields ac cepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the av -

er age at 6.619% (price 98.457).

13

 Ac cepted yields ranged up to 5.662% (price 99.931) in this sin gle-price auc tion.

14

 Ac cepted yields ranged up to 5.950% (price 99.680) in this sin gle-price auc tion.

15

 Ac cepted yields ranged up to 5.874% (price 99.769) in this sin gle-price auc tion.

16

 Ac cepted yields ranged up to 6.165% (price 99.830) in this sin gle-price auc tion.

17

 Ac cepted yields ranged up to 5.984% (price 99.797) in this sin gle-price auc tion.

18

 Ac cepted yields ranged up to 6.325% (price 99.683) in this sin gle-price auc tion.

19

 Ac cepted yields ranged up to 3.449% (ad justed price 99.482) in this sin gle-price auc tion of

an in fla tion-indexed note.

20

 Yields ac cepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the av -

er age at 5.997% (price 99.670).

21

 Yields ac cepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the av -

er age at 6.374% (price 99.092).

22

 Yields ac cepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the av -

er age at 6.640% (price 99.804).

23

 Ac cepted yields ranged up to 5.885% (price 99.981) in this sin gle-price auc tion.

24

 Ac cepted yields ranged up to 6.359% (price 99.539) in this sin gle-price auc tion.

25

 Ac cepted yields ranged up to 6.270% (price 99.963) in this sin gle-price auc tion.

26

 Ac cepted yields ranged up to 6.660% (price 99.853) in this sin gle-price auc tion.

27

 Ac cepted yields ranged up to 3.650% (ad justed price 98.307) in this sin gle-price auc tion of

an in fla tion-indexed note.

28

 Ac cepted yields ranged up to 6.460% (price 99.843) in this sin gle-price auc tion.

29

 Ac cepted yields ranged up to 6.745% (price 99.498) in this sin gle-price auc tion.

30

 Yields ac cepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the av -

er age at 6.438% (price 99.831).

31

 Yields ac cepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the av -

er age at 6.740% (price 99.173).

32

 Ac cepted yields ranged up to 6.328% (price 99.856) in this sin gle-price auc tion.

33

 Ac cepted yields ranged up to 6.616% (price 99.513) in this sin gle-price auc tion.

34

 Ac cepted yields ranged up to 6.027% (price 99.950) in this sin gle-price auc tion.

35

 Ac cepted yields ranged up to 6.298% (price 99.797) in this sin gle-price auc tion.

36

 Ac cepted yields ranged up to 3.744% (ad justed price 99.462) in this sin gle-price auc tion of

an in fla tion-indexed note.

37

 Ac cepted yields ranged up to 5.930% (price 99.898) in this sin gle-price auc tion.

38

 Ac cepted yields ranged up to 6.024% (price 99.898) in this sin gle-price auc tion.

39

 Yields ac cepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the av -

er age at 6.041% (price 99.889).

40

 Yields ac cepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the av -

er age at 6.205% (price 99.411).

41

 Yields ac cepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the av -

er age at 6.445% (price 99.076).

42

 Ac cepted yields ranged up to 5.998% (price 99.772) in this sin gle-price auc tion.

43

 Ac cepted yields ranged up to 6.253% (price 99.987) in this sin gle-price auc tion.

44

 Ac cepted yields ranged up to 5.794% (price 99.918) in this sin gle-price auc tion.

45

 Ac cepted yields ranged up to 5.960% (price 99.637) in this sin gle-price auc tion.

46

 Ac cepted yields ranged up to 3.600% (ad justed price 100.400) in this sin gle-price auc tion of 

an in fla tion-indexed note.

47

 Ac cepted yields ranged up to 5.720% (price 99.823) in this sin gle-price auc tion.

48

 Ac cepted yields ranged up to 5.830% (price 99.657) in this sin gle-price auc tion.

49

 Yields ac cepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the av -

er age at 5.762% (price 99.967).

50

 Yields ac cepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the

av er age at 5.955% (price 101.221).

51

 Yields ac cepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the av -

er age at 6.201% (price 98.970).

52

 Ac cepted yields ranged up to 5.700% (price 99.860) in this sin gle-price auc tion.

53

 Ac cepted yields ranged up to 5.769% (price 99.918) in this sin gle-price auc tion.

54

 Ac cepted yields ranged up to 5.690% (price 99.879) in this sin gle-price auc tion.

55

 Ac cepted yields ranged up to 5.685% (price 99.742) in this sin gle-price auc tion.

56

 Ac cepted yields ranged up to 3.730% (ad justed price 99.130) in this sin gle-price auc tion of

an in fla tion-indexed note.

57

 Ac cepted yields ranged up to 5.440% (price 99.878) in this sin gle-price auc tion.

58

 Ac cepted yields ranged up to 5.558% (price 99.749) in this sin gle-price auc tion.

59

 Yields ac cepted ranged from 5.404% (price 99.920) up to 5.420% (price 99.876) with the av -

er age at 5.414% (price 99.893).

60

 Yields ac cepted ranged from 5.550% (price 99.620) up to 5.564% (price 99.514) with the av -

er age at 5.558% (price 99.559).

61

 Yields ac cepted ranged from 5.800% (price 104.558) up to 5.830% (price 104.122) with the

av er age at 5.822% (price 104.238).

62

 Ac cepted yields ranged up to 5.537% (price 99.930) in this sin gle-price auc tion.

63

 Ac cepted yields ranged up to 5.605% (price 99.547) in this sin gle-price auc tion.

64

 Ac cepted yields ranged up to 5.500% (price 100.000) in this sin gle-price auc tion.

65

 Ac cepted yields ranged up to 5.620% (price 99.483) in this sin gle-price auc tion.

66

 Ac cepted yields ranged up to 3.740% (ad justed price 97.937) in this sin gle-price auc tion of

an in fla tion-indexed bond.

67

 Ac cepted yields ranged up to 5.677% (price 99.903) in this sin gle-price auc tion.

68

 Ac cepted yields ranged up to 5.795% (price 99.807) in this sin gle-price auc tion.

69

 Yields ac cepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the

av er age at 5.633% (price 99.978).

70

 Yields ac cepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the av -

er age at 5.646% (price 99.841).

71

 Ac cepted yields ranged up to 5.530% (price 99.944) in this sin gle-price auc tion.

72

 Ac cepted yields ranged up to 5.575% (price 99.676) in this sin gle-price auc tion.

73

 Ac cepted yields ranged up to 5.495% (price 99.776) in this sin gle-price auc tion.

74

 Ac cepted yields ranged up to 5.454% (price 99.658) in this sin gle-price auc tion.

75

 Ac cepted yields ranged up to 3.680% (ad justed price 99.550) in this sin gle-price auc tion of

an in fla tion-indexed bond.

76

 Ac cepted yields ranged up to 5.475% (price 99.813) in this sin gle-price auc tion.

77

 Ac cepted yields ranged up to 5.327% (price 99.665) in this sin gle-price auc tion.

78

 Yields ac cepted ranged from 5.418% (price 101.533) up to 5.436% (price 101.397) with the

av er age at 5.428% (price 101.457).

79

 Yields ac cepted ranged from 5.587% (price 98.740) up to 5.598% (price 98.583) with the

av er age at 5.590% (price 98.697).

80

 Ac cepted yields ranged up to 5.125% (price 100.000) in this sin gle-price auc tion.

81

 Ac cepted yields ranged up to 4.615% (price 99.783) in this sin gle-price auc tion.

 Note.—All notes and bonds, ex cept for for eign-targeted is sues, were sold at auc tion through 

com pet i tive and non com pet i tive bid ding. For eign-targeted is sues were sold at auc tion

through com pet i tive bid ding only.

*As of Oc to ber 1, 1997, all Trea sury is sues of notes and bonds are el i gi ble for STRIPS.
PUB LIC DEBT OP ER A TIONS 43

TA BLE PDO-4A.—Al lot ments by In ves tor Classes

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by investor classes

 State and lo cal

 Pri vate gov ern ments 4

Is sues Insur- pen sion Pen sion

To tal Fed eral Com- ance Mu tual and re- and re- Nonbank

amount Re serve mercial Indi- com- sav ings Corpo- tirement tirement Other deal ers and All

is sued Banks banks

1

viduals

2

panies banks ra tions

3

funds funds funds bro kers other 5

Is sue date De scrip tion of se cu ri ties (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

See foot notes at end of ta ble.

01/31/97 5-7/8% note—01/31/99-AB 19,468 320 339 1,339 15 1 1,363 5 * 4 13,903 2,180

01/31/97 6-1/4% note—01/31/02-C 13,453 230 227 571 6 2 1,621 8 * 302 9,551 935

02/06/97 3-3/8% in fla tion-indexed

note—01/15/07-A

7,353 350 102 109 * 30 3,334 6 - 102 3,305 15

02/18/97 5-7/8% note—01/31/00-U 20,421 805 342 531 51 * 452 7 * 1 16,162 2,069

02/18/97 6-1/4% note—02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839

02/18/97 6-5/8% bond—02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120

02/28/97 5-7/8% note—02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955

02/28/97 6-1/4% note—02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022

03/31/97 6-1/4% note—03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790

03/31/97 6-5/8% note—03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153

04/15/97 3-3/8% in fla tion-indexed

note—01/15/07-A-reopening

8,405 400 664 43 10 - 817 52 455 - 5,327 637

04/30/97 6-3/8% note—04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668

04/30/97 6-5/8% note—04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877

05/15/97 6-3/8% note—05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343

05/15/97 6-5/8% note—05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214

05/31/97 6-1/4% note—05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394

05/31/97 6-1/2% note—05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172

06/30/97 6% note—06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911

06/30/97 6-1/4% note—06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063

07/15/97 3-5/8% note—07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218

07/31/97 5-7/8% note—07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082

07/31/97 6% note—08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444

08/15/97 6% note—08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957

08/15/97 6-1/8% note—08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164

08/15/97 6-3/8% bond—08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105

09/02/97 5-7/8% note—08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272

09/02/97 6-1/4% note—08/31/02-L 12,732 555 66 361 1 6 1,303 10 2 4 9,638 786

09/30/97 5-3/4% note—09/31/99-AK 17,488 617 183 757 1 3 837 13 * 4 13,278 1,795

09/30/97 5-7/8% note—09/30/02-M 12,807 460 662 696 * 9 2,679 5 * 1 7,450 845

10/15/97 3-5/8% note—10/15/02-J-reopening 8,413 400 1 25 16 - 1,587 1,001 - - 5,174 209

10/31/97 5-5/8% note—10/31/99-AL 16,824 502 1,450 705 24 5 809 5 * 6 11,996 1,322

10/31/97 5-3/4% note—10/31/02-N 11,737 365 625 356 - 20 897 2 * 1 9,088 383

11/15/97 5-3/4% note—11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385

11/15/97 6-1/8% note—08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301

11/15/97 6-1/8% bond—11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5

12/01/97 5-5/8% note—11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813

12/01/97 5-3/4% note—11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799
44 PUB LIC DEBT OP ER A TIONS

TA BLE PDO-4A.—Al lot ments by In ves tor Classes

for Mar ket able Pub lic Debt Se cu ri ties Other than Bills, con.

[In mil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Al lot ments by in ves tor classes

 State and lo cal

 Pri vate gov ern ments 4

Is sues Insur- pen sion Pen sion

To tal Fed eral Com- ance Mu tual and re- and re- Nonbank

amount Re serve mercial Indi- com- sav ings Corpo- tirement tirement Other deal ers and All

is sued Banks banks

1

viduals

2

panies banks ra tions

3

funds funds funds bro kers other 5

Is sue date De scrip tion of se cu ri ties (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12

12/31/97 5-5/8% note—12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071

12/31/97 5-5/8% note—12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627

01/15/98 3-5/8% note—01/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093

01/31/98 5-3/8% note—01/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463

01/31/98 5-1/2% note—01/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340

02/15/98 5-3/8% note—02/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789

02/15/98 5-1/2% note—02/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181

02/15/98 6-1/8% note—02/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71

03/02/98 5-1/2% note—02/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469

03/02/98 5-1/2% note—02/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644

03/31/98 5-1/2% note—03/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399

03/31/98 5-1/2% note—03/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788

04/15/98 3-5/8% note—04/15/28 8,404 400 1,438 35 - * 2,132 346 - - 3,542 511

04/30/98 5-5/8% note—04/30/00-AC 15,634 1,191 268 1,099 1 2 1,810 2 - 4 9,591 1,666

04/30/98 5-3/4% note—04/30/03-F 12,573 1,010 346 258 * 3 319 7 - 2 9,720 908

05/15/98 5-5/8% note—05/15/01-T 12,874 2,270 181 513 1 1 982 5 - 7 8,295 619

05/15/98 5-5/8% note—05/15/08-C 14,775 2,720 2,651 87 - * 3,567 * * * 5,697 53

06/01/98 5-1/2% note—05/31/00-AD 16,580 1,321 644 1,163 3 1 546 14 2 5 10,599 2,282

06/01/98 5-1/2% note—05/31/03-G 13,132 1,115 78 250 2 3 1,153 3 * * 9,504 1,024

06/30/98 5-3/8% note—06/30/00-AE 14,939 1,383 411 1,140 1 2 1,166 7 * 10 9,275 1,544

06/30/98 5-3/8% note—06/30/03-H 13,127 1,265 157 220 1 4 1,987 3 * 2 8,336 1,152

07/15/98 3-5/8% bond—04/15/28-reopening 8,404 400 1,607 21 21 - 1,967 - - 20 3,747 621

07/31/98 5-3/8% note—07/31/00-AF 18,683 1,842 453 1,453 2 29 3,262 10 1 10 9,447 2,174

08/17/98 5-1/4% note—08/15/03-J 19,852 2,834 1,007 465 - - 1,110 100 - 3 13,198 1,135

08/17/98 5-5/8% note—05/15/08-C-reopening 12,416 1,364 1,951 60 - - 446 - - - 8,496 99

08/17/98 5-1/2% bond—08 /15/28 11,776 1,772 411 30 - - 3,726 - - - 5,832 5

* Less than $500,000.

1

 In cludes trust com pa nies, bank deal ers, and stock sav ings banks.

2

 In cludes part ner ships and per sonal trust ac counts.

3

 Ex clu sive of banks and in sur ance com pa nies. 

4

 Con sists of trust, sink ing, and in vest ment funds of State and lo cal gov ern ments and their

agen cies.

5

 In cludes sav ings and loan as so ci a tions, non profit in sti tu tions, and for eign and in ter na tional

in vest ments. Also in cluded are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies.

 Note.—For de tail of of fer ings, see ta ble PDO-3.
PUB LIC DEBT OP ER A TIONS 45

TA BLE PDO-4B.—Al lot ments by In ves tor Classes for Mar ket able Pub lic Debt Se cu ri ties

for Bills Other than Reg u lar Weekly Se ries

[Dol lar amounts in mil lions. Source: Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

To tal amount Al lot ments by in ves tor classes

Date of Av er age rate is sued Fed eral Com mer cial Dealers and

Date of ma tu rity (per cent) 52-week se ries Re serve Banks banks Cor po ra tions 1 bro kers All other 2

fi nanc ing (1) (2) (3) (4) (5) (6) (7) (8)

1

 Ex clu sive of banks and in sur ance com pa nies.

2

In cluded with “All other” in ves tors are cer tain Gov ern ment de posit ac counts and Gov ern -

ment-sponsored agen cies, for merly in cluded with Gov ern ment ac counts.

 Note.—For de tail of of fer ings, see ta ble PDO-3.

09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443

10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865

11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392

12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879

01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175

02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691

03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761

04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144

05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317

05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621

06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601

07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940

08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339

09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571

10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065

11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122

12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498

01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992

02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616

03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463

04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509

04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273

05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300

06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387

07/23/98 07/22/99 5.10 15,215 5,305 130 915 7,061 1,804

08/20/98 08/19/99 5.00 15,758 5,565 89 89 7,407 2,608
46

TA BLE SBN-1.—Sales and Re demp tions by Se ries, Cu mu la tive through Sept. 30, 1998

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand ing

Ac crued Sales plus In ter est- Ma tured nonSe ries Sales 1 dis count ac crued dis count Re demp tions 1 bear ing debt in ter est bear ing debt

(1) (2) (3) (4) (5) (6)

1

 Sales and re demp tion fig ures in clude ex change of mi nor amounts of (1) ma tured se ries E

bonds for se ries G and K bonds from May 1951 through April 1957; (2) se ries F and J bonds for 

se ries H bonds be gin ning Jan u ary 1960; and (3) U.S. sav ings notes for se ries H bonds be gin -

ning Jan u ary 1972; how ever, they ex clude ex changes of se ries E bonds for se ries H and HH

bonds.

2

 De tails by se ries on a cu mu la tive ba sis and by pe riod of se ries A-D com bined can be found in 

the Feb ru ary 1952 and pre vi ous is sues of the “Trea sury Bul le tin.”

TA BLE SBN-2.—Sales and Re demp tions by Pe riod,

All Se ries of Sav ings Bonds and Notes Com bined

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

 Amount out stand -ing

Sales plus Re demp tions Ma tured

Ac crued ac crued Sales Ac crued In ter est- non-interestPe riod Sales dis count dis count To tal price 1 dis count 1 bear ing debt bear ing debt

(1) (2) (3) (4) (5) (6) (7) (8)

1

 Be cause there is a nor mal lag in clas si fy ing re demp tions, the dis tri bu tion of re demp tions

 be tween sales price and ac crued dis count has been es ti mated.

IN TRO DUC TION: Sav ings Bonds and Notes

Se ries EE bonds, on sale since Jan u ary 1, 1998, and series

I bonds, on sale since Sep tem ber 1, 1998, are the se ries bonds

cur rently be ing sold. Se ries HH bonds are is sued in ex change

for Se ries E and EE sav ings bonds and sav ings notes. Se ries

A-D were sold from March 1, 1935, through April 30, 1941.

Se ries E was on sale from May 1, 1941, through De cem ber 31,

1979 (through June 1980 to pay roll sav ers only). Se ries F and

G were sold from May 1, 1941, through April 30, 1952. Se ries

H was sold from June 1, 1952, through De cem ber 31, 1979.

Se ries HH bonds were sold for cash from Jan u ary 1, 1980,

through Oc to ber 31, 1982. Se ries J and K were sold from May

1, 1952, through April 30, 1957. U.S. sav ings notes were on

sale May 1, 1967, through June 30, 1970. The notes were el i gi -

ble for pur chase by in di vid u als with the si mul ta neous purchase of se ries E sav ings bonds.

The prin ci pal terms and con di tions for pur chase and redemp tion and in for ma tion on in vest ment yields of sav ings

notes ap pear in the “Trea sury Bul le tins” of March 1967 and

June 1968; and in the An nual Re port of the Sec re tary of the

Trea sury for fis cal 1974.

Sav ings bonds:

Se ries A-D 2...................... . 3,949 1,054 5,003 5,002 - 1 

Se ries E, EE, H and HH............. . 349,988 197,746 547,734 364,346 180,727 5,091 

Se ries I ......................... . 17 - 17 - 17 - 

Se ries F and G.................... . 28,396 1,125 29,521 29,517 - 3 

Se ries J and K .................... . 3,556 198 3,754 3,753 - - 

Sav ings notes ...................... .

862 695 1,557 1,202 225 - 

Fis cal years:

1935-94.............. . 363,460 163,984 527,444 348,780 272,261 76,459 176,766 1,857

1995 ................ . 7,222 9,481 16,703 11,805 7,268 4,537 181,529 1,997

1996 ................ . 5,936 9,822 15,758 2,495 7,234 5,261 184,423 2,292

1997 ................ . 5,334 9,083 14,417 2,084 8,435 5,968 182,589 3,601

1998 ................ . 4,765 9,141 13,847 14,338 6,897 7,440 180,744 5,091

Cal en dar years:

1935-94.............. . 365,514 166,358 531,872 351,397 273,895 77,502 178,138 2,335

1995 ................ . 10,963 22,014 32,977 17,971 11,109 6,862 182,266 2,724

1996 ................ . 5,828 9,636 15,464 13,408 7,603 5,805 182,781 4,222

1997 ................ . 8,218 14,351 22,569 23,302 13,027 10,275 182,565 3,637

1997 - Sept. ............ . 376 697 1,073 1,087 646 441 182,589 3,601

 Oct. ............. . 389 872 1,256 1,121 590 532 182,777 3,547

 Nov. ............. . 396 676 1,072 912 480 432 182,980 3,506

 Dec. ............. . 525 705 1,231 1,225 669 556 181,133 5,359

1998 - Jan. ............. . 520 854 1,384 1,583 942 641 181,043 5,249

 Feb. ............. . 389 756 1,145 1,133 523 610 181,206 5,098

 Mar. ............. . 402 720 1,121 1,277 705 571 181,141 5,007

 Apr. ............. . 394 883 1,277 1,314 606 707 181,222 4,885

 May ............. . 367 679 1,046 1,118 581 537 180,597 5,434

 June ............. . 364 708 1,123 1,208 637 571 180,580 5,330

 July.............. . 362 829 1,162 1,247 167 1,080 180,558 5,300

 Aug. ............. . 325 746 1,089 1,174 447 727 180,615 5,157
U.S. SAV INGS BONDS AND NOTES 47

 Note.—Se ries E and EE in clude U.S. sav ings notes (Free dom Shares) on sale from

May 1, 1967, through June 30, 1970, to E bond buy ers.

TA BLE SBN-3.—Sales and Re demp tions by Pe riod, Se ries E, EE, H, HH and I

[In mil lions of dol lars. Source: “Monthly State ment of the Pub lic Debt of the United States;” Bu reau of the Pub lic Debt, Of fice of Pub lic Debt Ac count ing]

Amount out stand ing 

Sales plus Re demp tions Ex change of Ma tured

Ac crued ac crued Sales Ac crued E bonds for In ter est- non-interestPe riod Sales dis count dis count To tal price dis count H and HH bonds bear ing debt bear ing debt

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Se ries E and EE

Se ries H and HH

Fis cal years:

1952-94 ........ . 13,548 - 13,548 18,990 18,990 - 17,106 11,379 17

1995 ........... . 8 - 8 737 737 - 874 11,524 16

1996 ........... . 16 - 16 744 744 - 1,173 11,940 16

1997 ........... . 10 - 10 893 893 - 1,254 12,294 17

1998 ........... . 88 - 41 941 686 - 1,108 12,515 20

Cal en dar years:

1952-93 ........ . 13,493 - 13,493 18,338 18,638 - 16,264 11,143 25

1994 ........... . 1 - 1 592 592 - 855 11,407 24

1995 ........... . 42 - 42 901 901 - 1,093 11,576 24

1996 ........... . 17 - 17 789 789 - 1,266 12,038 23

1997 ........... . 31 - 31 1,424 1,424 - 1,854 12,276 18

1997 - Sept. ....... . -1 - -1 67 67 - 87 12,294 17

 Oct......... . -6 - -6 74 74 - 91 12,305 17

 Nov. ....... . - - - 58 58 - 77 12,324 16

 Dec. ....... . - - - 70 70 - 84 12,331 23

1998 - Jan. ........ . 9 - 9 85 85 - 95 12,352 22

 Feb. ....... . 1 - 1 78 78 - 99 12,374 21

 Mar. ....... . -1 - -1 85 85 - 107 12,397 20

 Apr......... . -4 - -4 80 80 - 100 12,414 20

 May ....... . -5 - -5 71 71 - 93 12,428 23

 June ....... . 15 - 15 85 85 - 93 12,475 22

 July........ . 3 - 3 85 85 - 99 12,470 21

 Aug. ....... . 19 - 19 85 85 - 90 12,495 20

 Sept........ . 25 - 25 85 85 - 80 12,515 20

Fis cal years:

1941-94 .......... . 321,899 160,472 482,371 291,359 217,284 77,650 17,106 165,387 1,835

1995 ............ . 7,222 9,464 16,686 11,069 6,532 4,537 874 170,005 1,977

1996 ............ . 6,035 9,708 15,743 11,809 6,480 5,315 1,173 172,483 2,276

1997 ............ . 5,334 9,067 14,401 8,435 7,541 6,456 1,254 169,969 3,584

1998 ............ . 4,765 9,141 13,989 14,207 6,954 6,464 1,190 180,744 5,091

Cal en dar years:

1941-94 .......... . 316,038 163,890 479,928 286,937 218,754 75,093 17,119 166,731 2,307

1995 ............ . 10,953 12,434 23,387 12,546 10,201 2,345 1,179 170,690 2,700

1996 ............ . 5,820 9,633 15,453 12,625 6,825 5,803 1,447 170,744 4,198

1997 ............ . 7,629 13,546 21,175 20,718 10,930 9,637 1,853 170,289 3,637

1997 - Sept.......... . 377 698 1,075 1,018 577 441 87 170,295 3,601

 Oct........... . 389 873 1,262 1,048 516 532 91 170,472 3,547

 Nov. ......... . 396 677 1,073 854 422 432 77 170,656 3,506

 Dec. ......... . 525 705 1,231 1,225 599 556 84 168,802 5,359

1998 - Jan. ......... . 520 854 1,384 1,583 857 641 96 181,043 5,249

 Feb. ......... . 389 756 1,145 1,133 445 610 99 181,206 5,098

 Mar. ......... . 402 720 1,120 1,277 620 705 107 181,141 5,007

 Apr........... . 394 883 1,273 1,314 527 606 181 181,222 4,885

 May.......... . 367 679 1,041 1,118 510 581 93 180,597 5,434

 June ......... . 364 708 1,088 1,208 553 637 93 180,580 5,330

 July .......... . 362 828 1,194 1,247 1,079 167 99 180,558 5,300

 Aug. ......... . 325 745 1,089 1,174 361 447 90 180,615 5,157

Se ries I

Fis cal years:

1998......... . 17 - 17 - - - - 17 -

Cal en dar years:

1998......... . 17 - 17 - - - - - -

1998 - Sept...... . 17 - 17 - - - - 17 -
48

IN TRO DUC TION: Own er ship of Fed eral Se cu ri ties

Fed eral se cu ri ties pre sented in the fol low ing ta bles are

pub lic debt se cu ri ties such as sav ings bonds, bills, notes, and

bonds that the Trea sury is sues. The ta bles also de tail debt issued by other Fed eral agen cies un der spe cial fi nanc ing au thor -

i ties. [See the Fed eral debt (FD) ta bles for a more com plete

de scrip tion of the Fed eral debt.]

• Ta ble OFS-1 pres ents Trea sury mar ket able and non mar -

ket able se cu ri ties and debt is sued by other Fed eral agen cies

held by Gov ern ment ac counts, the Fed eral Re serve banks, and

pri vate in ves tors. So cial Se cu rity and Fed eral re tire ment trust

fund in vest ments com prise much of the Gov ern ment ac count

hold ings. 

The Fed eral Re serve banks ac quire Trea sury se cu ri ties in

the mar ket as a means of ex e cut ing mon e tary pol icy.

• Ta ble OFS-2 pres ents the es ti mated amount of pub lic

debt se cu ri ties held by pri vate in ves tors. In for ma tion is obtained from sources such as the Fed eral fi nan cial in sti tu tion

reg u la tory agen cies. State, lo cal, and for eign hold ings in clude

spe cial is sues of non mar ket able se cu ri ties to mu nic i pal en ti -

ties and for eign of fi cial ac counts. They also in clude mu nic i -

pal, for eign of fi cial, and pri vate hold ings of mar ket able

Trea sury se cu ri ties. (See foot notes to the ta ble for de scrip tion

of in ves tor cat e go ries.)
OWN ER SHIP OF FED ERAL SE CU RITIES 49

TA BLE OFS-1.—Dis tri bu tion of Fed eral Se cu ri ties by Class of In ves tors and Type of Is sues

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice ]

To tal In ter est-bearing pub lic debt se cu ri ties

End of Fed eral Pub lic is sues

fis cal year se cu ri ties To tal Held by U.S. Gov ern ment ac counts held by Fed eral

or month out stand ing out stand ing To tal Mar ket able Non mar ket able Re serve Banks

(1) (2) (3) (4) (5) (6)

1994 ........................ . 4,721,293 4,689,524 1,213,115 1,426 1,211,689 355,150

1995 ........................ . 5,000,945 4,950,644 1,320,800 1,519 1,319,281 374,114

1996 ........................ . 5,259,854 5,220,790 1,447,001 1,506 1,445,495 390,924

1997 ........................ . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

1998 ........................ . 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

1997 - Sept. .................. . 5,446,333 5,407,528 1,598,459 1,254 1,597,205 436,496

Oct. ................... . 5,460,376 5,421,664 1,606,412 1,254 1,605,158 420,613

Nov.................... . 5,495,944 5,426,155 1,613,248 1,254 1,611,994 430,280

Dec.................... . 5,536,012 5,494,913 1,655,682 1,254 1,654,428 451,901

1998 - Jan. ................... . 5,520,507 5,450,015 1,667,708 1,254 1,666,454 428,821

Feb.................... . 5,551,039 5,482,059 1,668,108 1,254 1,666,854 432,245

Mar.................... . 5,572,942 5,535,273 1,670,378 1,254 1,669,124 400,005

Apr. ................... . 5,530,294 5,492,802 1,687,592 1,254 1,686,338 457,026

May ................... . 5,536,653 5,464,507 1,703,090 1,254 1,701,836 443,945

June .................. . 5,577,860 5,540,243 1,757,556 1,254 1,756,302 458,417

July ................... . 5,557,849 5,520,079 1,753,898 1,254 1,752,644 447,834

Aug.................... . 5,594,178 5,557,043 1,756,687 1,254 1,755,433 450,030

Sept. .................. . 5,555,565 5,518,681 1,765,580 1,254 1,764,326 458,131

Ma tured Agency se cu ri ties

pub lic Held by

debt U.S. Gov ern ment

End of In ter est-bearing pub lic debt se cu ri ties, con. and debt ac counts and Held by

fis cal year Held by pri vate in ves tors bear ing no To tal Fed eral Re serve pri vate

or month To tal Mar ket able Non mar ket able in ter est out stand ing Banks in ves tors

(7) (8) (9) (10) (11) (12) (13)

1994 ........................ . 3,121,259 2,735,026 386,233 3,226 28,543 17 28,526

1995 ........................ . 3,255,730 2,884,814 370,916 23,339 26,962 16 26,946

1996 ........................ . 3,382,865 3,025,941 356,924 4,021 35,043 7,606 27,437

1997 ........................ . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

1998 ........................ . 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455

1997 - Sept. .................. . 3,372,573 3,001,866 370,707 5,618 33,187 7,098 26,089

Oct. ................... . 3,394,639 3,016,819 377,820 5,562 33,151 7,098 26,053

Nov.................... . 3,382,627 3,002,065 380,562 36,467 33,322 7,098 26,224

Dec.................... . 3,387,330 3,003,662 383,668 7,475 33,624 7,098 26,526

1998 - Jan. ................... . 3,353,486 2,968,035 385,451 40,049 30,443 4,598 25,845

Feb.................... . 3,381,706 2,990,627 391,079 38,609 30,371 4,598 25,773

Mar.................... . 3,464,890 3,065,834 399,056 7,153 30,516 4,598 25,918

Apr. ................... . 3,348,184 2,940,895 407,289 7,092 30,399 4,598 25,801

May ................... . 3,317,472 2,907,763 409,709 41,848 30,297 4,598 25,699

June .................. . 3,324,270 2,909,839 414,431 7,692 29,925 4,367 25,558

July ................... . 3,318,347 2,901,709 416,638 7,659 30,111 4,367 25,744

Aug.................... . 3,350,326 2,933,267 417,059 7,511 29,625 4,367 25,258

Sept. .................. . 3,294,970 2,871,645 423,325 7,512 29,372 3,917 25,455
50 OWN ER SHIP OF FED ERAL SE CU RITIES

1

 U.S. sav ings bonds, se ries A-F and J, are in cluded at cur rent re demp tion value.

2

 In cludes do mes ti cally char tered banks, U.S. branches and agen cies of for eign banks, New

York in vest ment com pa nies ma jor ity owned by for eign banks, and Edge Act cor po ra tions

owned by do mes ti cally char tered and for eign banks.

3

 In cludes part ner ships and per sonal trust ac counts.

4

 In cludes U.S. sav ings notes. Sales be gan May 1, 1967, and were dis con tin ued June 30,

1970.

5

 Ex clu sive of banks and in sur ance com pa nies.

6 This cat e gory in cludes non mar ket able State and lo cal gov ern ment se ries (SLGS) Trea sury

se cu ri ties and hold ings of State and lo cal pen sion and other funds.

7

 Con sists of the in vest ments of for eign and in ter na tional ac counts (of fi cial and pri vate) in U.S.

pub lic debt is sues. Es ti mates re flect the 1984 bench mark to De cem ber 1989, the 1989 bench -

mark to De cem ber 1994 and the 1994 bench mark to date.

8

In cludes sav ings and loan as so ci a tions, credit un ions, non profit in sti tu tions, mu tual sav ings

banks, cor po rate pen sion trust funds, deal ers and bro kers, cer tain Gov ern ment de posit accounts, and Gov ern ment-sponsored en ter prises.

TA BLE OFS-2.—Es ti mated Own er ship of Pub lic Debt Se cu ri ties by Pri vate In ves tors

[Par val ues 1 in bil lions of dol lars. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Nonbank in ves tors 

In di vid uals

3 Money State and For eign

End of To tal pri- Commer- Sav ings Other In sur ance mar ket Corpo- lo cal gov ern- and inter- Other

month vately held cial banks 2 To tal To tal bonds 4se cu ri ties com pa nies funds ra tions 5 ments 6na tional 7in ves tors 8

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1988 - Mar. ... . 1,779.6 195.6 1,584.0 178.1 104.0 74.1 110.2 15.2 86.3 509.2 332.5 352.5

June ... . 1,786.7 190.8 1,595.9 182.0 106.2 75.8 113.5 13.4 87.6 506.0 345.4 347.9

Sept. ... . 1,821.2 191.5 1,629.7 186.8 107.8 79.0 115.9 11.1 85.9 500.4 345.9 383.7

Dec. ... . 1,858.5 185.3 1,673.2 190.4 109.6 80.8 118.6 11.8 86.0 509.1 362.2 395.1

1989 - Mar. ... . 1,903.4 192.4 1,711.0 204.2 112.2 92.0 119.7 13.0 89.4 489.1 376.6 419.0

June ... . 1,909.1 178.4 1,730.7 211.7 114.0 97.7 120.6 11.3 91.0 481.9 369.1 445.1

Sept. ... . 1,958.3 166.9 1,791.4 213.5 115.7 97.8 121.2 12.9 90.9 482.4 394.9 475.5

Dec. ... . 2,015.8 165.3 1,850.5 216.4 117.7 98.7 123.9 14.9 93.4 489.5 429.6 482.8

1990 - Mar. ... . 2,115.1 178.8 1,936.3 222.8 119.9 102.9 132.3 31.3 94.9 536.0 421.8 497.2

June ... . 2,141.8 177.3 1,964.5 229.6 121.9 107.7 133.7 28.0 96.9 545.2 427.3 503.8

Sept. ... . 2,207.3 180.0 2,027.3 232.5 123.9 108.6 136.4 34.0 102.0 549.0 440.3 533.0

Dec. ... . 2,288.3 172.1 2,116.2 233.8 126.2 107.6 138.2 45.5 108.9 550.3 458.4 581.1

1991 - Mar. ... . 2,360.6 187.5 2,173.1 238.3 129.7 108.6 147.2 65.4 114.9 563.6 464.3 579.3

June ... . 2,397.9 196.2 2,201.7 243.5 133.2 110.3 156.8 55.2 130.8 565.9 473.6 575.8

Sept. ... . 2,489.4 217.5 2,271.9 257.5 135.4 122.1 171.4 64.5 142.0 582.6 477.3 576.6

Dec. ... . 2,563.2 232.5 2,330.7 263.9 138.1 125.8 181.8 80.0 150.8 583.0 491.7 579.5

1992 - Mar. ... . 2,664.0 255.9 2,408.1 268.1 142.0 126.1 188.4 84.8 166.0 601.6 507.9 591.3

June ... . 2,712.4 267.0 2,445.4 275.1 145.4 129.7 192.8 79.4 175.0 576.8 529.6 616.7

Sept. ... . 2,765.5 287.5 2,478.0 281.2 150.3 130.9 194.8 79.4 180.8 572.1 535.2 634.5

Dec. ... . 2,839.9 294.4 2,545.5 289.2 157.3 131.9 197.5 79.7 192.5 566.0 549.7 670.9

1993 - Mar. ... . 2,895.2 310.2 2,585.0 297.7 163.6 134.1 208.0 77.9 199.3 582.6 564.2 655.3

June ... . 2,936.3 307.2 2,629.1 303.0 166.5 136.4 217.8 76.2 206.1 594.7 567.7 663.6

Sept. ... . 2,983.0 313.9 2,669.1 305.8 169.1 136.7 229.4 74.8 215.6 598.6 591.3 653.6

Dec. ... . 3,047.4 322.2 2,725.2 309.9 171.9 137.9 234.5 80.8 213.0 610.8 622.9 653.4

1994 - Mar. ... . 3,094.6 344.4 2,750.2 315.1 175.0 140.1 233.4 69.3 216.3 614.4 633.3 668.3

June ... . 3,088.2 330.1 2,758.1 321.1 177.1 144.0 238.0 59.9 226.3 595.9 633.2 683.7

Sept. ... . 3,127.8 313.2 2,814.6 327.2 178.6 148.6 243.7 59.9 229.3 567.7 655.8 731.0

Dec. ... . 3,168.0 290.4 2,877.6 331.1 180.5 150.7 240.1 67.6 224.5 541.0 640.7 832.6

1995 - Mar. ... . 3,239.2 308.1 2,931.1 342.7 181.4 161.4 244.2 67.7 230.3 531.7 681.2 833.2

June ... . 3,245.0 298.4 2,946.6 344.2 182.6 161.6 245.0 58.7 227.7 488.6 736.3 846.1

Sept. ... . 3,279.5 289.4 2,990.1 345.9 183.5 162.4 245.2 64.2 224.1 480.2 800.4 830.1

Dec .... . 3,294.9 278.7 3,016.2 347.7 185.0 162.7 241.5 71.5 228.8 465.6 814.2 846.9

1996 - Mar. ... . 3,382.8 284.0 3,098.8 347.2 185.8 161.4 239.4 85.7 229.0 464.8 888.7 844.0

June ... . 3,347.3 280.2 3,067.1 347.6 186.5 161.1 229.5 82.4 230.9 474.3 912.3 790.1

Sept ... . 3,386.2 275.0 3,111.2 353.7 186.8 167.0 226.8 85.2 249.1 453.2 978.1 765.1

Dec .... . 3,411.2 261.8 3,149.4 356.6 187.0 169.6 214.1 91.6 258.5 447.5 1,087.6 693.5

1997 - Mar. ... . 3,451.7 282.3 3,169.4 355.4 186.5 168.9 182.1 84.2 262.5 443.1 1,144.2 r 697.8

June ... . 3,361.7 265.9 3,095.8 355.4 186.3 169.1 r 183.5 77.4 261.0 441.3 1,172.9 r 604.3

Sept ... . 3,388.9 261.8 3,127.1 354.8 186.2 168.6 r 187.3 75.8 266.5 446.8 1,218.2 r 577.7

Dec .... . 3,393.4 270.3 3,123.1 354.9 186.5 168.4 r 176.6 88.9 265.0 444.1 1,230.6 r 563.0

1998 - Mar. ... . 3,430.7 r 278.6 r 3,152.1 352.1 186.3 165.8 r 182.2 84.8 268.1 r 444.8 r 1,240.3 r 579.8

June ... . 3,330.6 r 263.7 r 3,066.9 351.1 186.0 165.0 r 185.0 r 82.7 267.2 r 464.7 r 1,248.6 r 467.7

Sept ... . 3,301.0 p 260.0 3,041.0 352.3 186.0 166.4 p 188.0 p 84.2 p 271.4 p 469.0 p 1,217.2 p 458.9
IN TRO DUC TION: Mar ket Yields

The ta bles and charts in this sec tion pres ent yields on

Trea sury mar ket able se cu ri ties, and com pare long-term yields

on Trea sury se cu ri ties with yields on long-term cor po rate and

mu nic i pal se cu ri ties.

• Ta ble MY-1 lists Trea sury mar ket bid yields at con stant

ma tu ri ties for bills, notes, and bonds. The Trea sury yield curve

in the ac com pa ny ing chart is based on cur rent mar ket bid quota tions on the most ac tively traded Trea sury se cu ri ties as of

3:30 p.m. on the last busi ness day of the cal en dar quar ter. 

The Trea sury uses quo ta tions ob tained by the Fed eral Reserve Bank of New York to de rive the yield curve, based on

semi an nual in ter est pay ments and read at con stant ma tu rity

points to de velop a con sis tent data se ries. Yields on Trea sury

bills are cou pon equiv a lent yields of bank dis count rates at

which Trea sury bills trade in the mar ket. The Board of Gov er -

nors of the Fed eral Re serve Sys tem pub lishes the Trea sury

con stant ma tu rity data se ries in its weekly H.15 press re lease.

• Ta ble MY-2 shows av er age yields of long-term Treasury, cor po rate, and mu nic i pal bonds. The long-term Trea sury

av er age yield is the 30-year con stant ma tu rity yield. The corpo rate bond av er age yield is de vel oped by Trea sury by cal cu -

lat ing reoffering yields on new long-term se cu ri ties ma tur ing

in at least 20 years and rated Aa by Moody’s In ves tors Ser vice. 

The mu nic i pal bond av er age yield prior to 1991 was com piled

by Trea sury. Be gin ning with Jan u ary 1991, the av er age yield

is the “Mu nic i pal Bond Yield Av er age,” pub lished by

Moody’s In ves tors Ser vice for 20-year reoffering yields on selected Aa-rated gen eral ob li ga tions. See the foot notes for further ex pla na tion.

51

Monthly av er age:

1997 - Oct. ......... . 5.11 5.30 5.46 5.77 5.84 5.93 6.05 6.03 6.33

Nov .......... . 5.28 5.38 5.46 5.71 5.76 5.80 5.90 5.88 6.11

Dec .......... . 5.30 5.45 5.53 5.72 5.74 5.77 5.83 5.81 5.99

1998 - Jan.......... . 5.18 5.23 5.24 5.36 5.38 5.42 5.53 5.54 5.81

Feb .......... . 5.23 5.27 5.31 5.42 5.43 5.49 5.60 5.57 5.89

Mar. ......... . 5.16 5.25 5.39 5.56 5.57 5.61 5.71 5.65 5.95

Apr........... . 5.08 5.26 5.38 5.56 5.58 5.61 5.70 5.64 5.92

May.......... . 5.14 5.36 5.44 5.59 5.61 5.63 5.72 5.65 5.93

June ......... . 5.12 5.32 5.41 5.52 5.52 5.52 5.56 5.50 5.70

July .......... . 5.09 5.23 5.36 5.46 5.47 5.46 5.52 5.46 5.68

Aug. ......... . 5.04 5.15 5.21 5.27 5.24 5.27 5.36 5.34 5.54

Sept. ......... . 4.74 4.81 4.71 4.67 4.62 4.62 4.76 4.81 5.20

End of month:

1997 - Oct. ......... . 5.21 5.32 5.36 5.63 5.70 5.72 5.87 5.84 6.15

Nov .......... . 5.22 5.43 5.52 5.76 5.80 5.83 5.89 5.86 6.04

Dec .......... . 5.36 5.45 5.51 5.66 5.68 5.71 5.77 5.75 5.93

1998 - Jan.......... . 5.19 5.24 5.24 5.32 5.35 5.39 5.51 5.53 5.82

Feb. ......... . 5.32 5.33 5.41 5.55 5.55 5.59 5.67 5.62 5.92

Mar. ......... . 5.16 5.27 5.41 5.60 5.61 5.64 5.74 5.67 5.94

Apr........... . 5.00 5.24 5.40 5.59 5.62 5.65 5.74 5.68 5.95

May.......... . 5.03 5.33 5.42 5.53 5.54 5.56 5.63 5.56 5.81

June ......... . 5.10 5.24 5.38 5.49 5.49 5.47 5.52 5.44 5.62

July .......... . 5.10 5.21 5.38 5.49 5.48 5.52 5.56 5.50 5.72

Aug. ......... . 4.96 5.03 4.95 4.91 4.85 4.91 5.03 5.05 5.30

Sept. ......... . 4.37 4.49 4.41 4.30 4.26 4.23 4.38 4.44 4.98

TA BLE MY-1.—Trea sury Mar ket Bid Yields at Con stant Ma tu rities: Bills, Notes, and Bonds*

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

Date 3-mo. 6-mo. 1-yr. 2-yr. 3-yr. 5-yr. 7-yr. 10-yr. 30-yr.

(1) (2) (3) (4) (5) (6) (7) (8) (9)

* Rates are from the Trea sury yields curve.
52 MARKET YIELDS

CHART MY-A.—Yields of Trea sury Se cu ri ties,

Sept. 30, 1998 *

Based on clos ing bid quo ta tions (in per cent ages)

Note: The curve is based only on the most actively traded is sues. Mar ket yields on cou pon

is sues due in less than 3 months are ex cluded.

Years to Ma tu rity

* Source: Of fice of Mar ket Fi nance
MARKET YIELDS 53

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate, and Mu nic i pal Bonds

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.

1987

Jan. ............................................................................... . 7.39 8.59 6.18

Feb. ............................................................................... . 7.54 8.58 6.34

Mar. ............................................................................... . 7.55 8.68 6.47

Apr. ............................................................................... . 8.25 9.36 7.43

May ............................................................................... . 8.78 9.95 7.71

June .............................................................................. . 8.57 9.64 7.69

July ............................................................................... . 8.64 9.70 7.48

Aug................................................................................ . 8.97 10.09 7.59

Sept. .............................................................................. . 9.59 10.63 7.90

Oct. ............................................................................... . 9.61 10.80 8.33

Nov................................................................................ . 8.95 10.09 7.76

Dec................................................................................ . 9.12 10.22 7.83

1988

Jan ............................................................................... . 8.83 9.81 7.46

Feb ............................................................................... . 8.43 9.43 7.34

Mar ............................................................................... . 8.63 9.68 7.55

Apr................................................................................ . 8.95 9.92 7.69

May ............................................................................... . 9.23 10.25 7.63

June .............................................................................. . 9.00 10.08 7.67

July ............................................................................... . 9.14 10.12 7.63

Aug ............................................................................... . 9.32 10.27 7.62

Sept............................................................................... . 9.06 10.03 7.30

Oct................................................................................ . 8.89 9.86 7.27

Nov ............................................................................... . 9.02 9.98 7.39

Dec ............................................................................... . 9.01 10.05 7.40

1989

Jan. ............................................................................... . 8.93 9.92 7.18

Feb. ............................................................................... . 9.01 10.11 7.31

Mar. ............................................................................... . 9.17 10.33 7.42

Apr. ............................................................................... . 9.03 10.11 7.30

May ............................................................................... . 8.83 9.82 7.05

June .............................................................................. . 8.27 9.24 6.94

July ............................................................................... . 8.08 9.20 6.89

Aug................................................................................ . 8.12 9.09 6.73

Sept. .............................................................................. . 8.15 9.29 7.10

Oct. ............................................................................... . 8.00 9.04 7.13

Nov................................................................................ . 7.90 9.20 6.95

Dec................................................................................ . 7.90 9.23 6.76

1990

Jan. ............................................................................... . 8.26 9.56 6.95

Feb. ............................................................................... . 8.50 9.68 7.03

Mar. ............................................................................... . 8.56 9.79 7.09

Apr. ............................................................................... . 8.76 10.02 7.26

May ............................................................................... . 8.73 9.97 7.14

June .............................................................................. . 8.46 9.69 6.98

July ............................................................................... . 8.50 9.72 7.03

Aug................................................................................ . 8.86 10.05 7.13

Sept. .............................................................................. . 9.03 10.17 7.15

Oct. ............................................................................... . 8.86 10.09 7.24

Nov................................................................................ . 8.54 9.79 6.87
54 MARKET YIELDS

1991

Jan. ............................................................................... . 8.27 9.60 7.00

Feb. ............................................................................... . 8.03 9.14 6.61

Mar. ............................................................................... . 8.29 9.14 6.88

Apr. ............................................................................... . 8.21 9.07 6.81

May ............................................................................... . 8.27 9.13 6.78

June .............................................................................. . 8.47 9.37 6.90

July ............................................................................... . 8.45 9.38 6.89

Aug................................................................................ . 8.14 8.88 6.66

Sept. .............................................................................. . 7.95 8.79 6.58

Oct. ............................................................................... . 7.93 8.81 6.44

Nov................................................................................ . 7.92 8.72 6.37

Dec................................................................................ . 7.70 8.55 6.43

1992

Jan. ............................................................................... . 7.58 8.36 6.29

Feb. ............................................................................... . 7.85 8.63 6.42

Mar. ............................................................................... . 7.97 8.62 6.59

Apr. ............................................................................... . 7.96 8.59 6.54

May ............................................................................... . 7.89 8.57 6.39

June .............................................................................. . 7.84 8.45 6.32

July ............................................................................... . 7.60 8.19 5.90

Aug................................................................................ . 7.39 7.96 5.81

Sept. .............................................................................. . 7.34 7.99 6.05

Oct. ............................................................................... . 7.53 8.17 6.18

Nov................................................................................ . 7.61 8.25 6.22

Dec................................................................................ . 7.44 8.12 6.02

1993

Jan. ............................................................................... . 7.34 7.91 6.05

Feb. ............................................................................... . 7.09 7.73 5.74

Mar. ............................................................................... . 6.82 7.39 5.54

Apr. ............................................................................... . 6.85 7.48 5.64

May ............................................................................... . 6.92 7.52 5.61

June .............................................................................. . 6.81 7.48 5.54

July ............................................................................... . 6.63 7.35 5.40

Aug................................................................................ . 6.32 7.04 5.50

Sept. .............................................................................. . 6.00 6.88 5.44

Oct. ............................................................................... . 5.94 6.88 5.23

Nov................................................................................ . 6.21 7.17 5.19

Dec................................................................................ . 6.25 7.22 5.27

1994

Jan. ............................................................................... . 6.29 7.16 5.19

Feb. ............................................................................... . 6.49 7.27 5.16

Mar. ............................................................................... . 6.91 7.64 5.47

Apr. ............................................................................... . 7.27 7.95 5.59

May ............................................................................... . 7.41 8.17 5.79

June .............................................................................. . 7.40 8.16 5.96

July ............................................................................... . 7.58 8.30 6.11

Aug................................................................................ . 7.49 8.25 6.07

Sept. .............................................................................. . 7.71 8.48 6.10

Oct. ............................................................................... . 7.94 8.76 6.31

Nov................................................................................ . 8.08 8.89 6.79

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate, and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

See foot notes at end of ta ble.
MARKET YIELDS 55

TA BLE MY-2.—Av er age Yields of Long-Term Trea sury, Cor po rate, and Mu nic i pal Bonds, con.

[In per cent ages. Source: Of fice of Mar ket Fi nance, Of fice of the Un der Sec re tary for Do mes tic Fi nance]

New Aa New Aa

 Trea sury cor po rate mu nic i pal

Pe riod 30-yr. bonds bonds 1 bonds 2

 (1) (2) (3)

MONTHLY SERIES—AV ER AGES OF DAILY OR WEEKLY SERIES

1995

Jan. ............................................................................... . 7.85 8.59 6.48

Feb................................................................................ . 7.61 8.39 6.09

Mar................................................................................ . 7.45 8.23 5.91

Apr. ............................................................................... . 7.36 8.10 5.80

May ............................................................................... . 6.95 7.68 5.75

June .............................................................................. . 6.57 7.42 5.61

July ............................................................................... . 6.72 7.54 5.69

Aug................................................................................ . 6.86 7.75 5.81

Sept. .............................................................................. . 6.55 7.42 5.75

Oct. ............................................................................... . 6.37 7.29 5.80

Nov................................................................................ . 6.26 7.20 5.56

Dec................................................................................ . 6.06 7.02 5.46

1996

Jan. ............................................................................... . 6.05 7.00 5.41

Feb................................................................................ . 6.24 7.14 5.41

Mar................................................................................ . 6.60 7.58 5.57

Apr. ............................................................................... . 6.79 7.81 5.72

May ............................................................................... . 6.93 7.87 5.73

June .............................................................................. . 7.06 8.00 5.82

July ............................................................................... . 7.03 7.97 5.82

Aug................................................................................ . 6.84 7.68 5.69

Sept. .............................................................................. . 7.03 7.84 5.62

Oct. ............................................................................... . 6.81 7.69 5.53

Nov................................................................................ . 6.48 7.43 5.47

Dec................................................................................ . 6.55 7.45 5.47

1997

Jan. ............................................................................... . 6.83 7.62 5.53

Feb................................................................................ . 6.69 7.54 5.40

Mar................................................................................ . 6.93 7.85 5.59

Apr. ............................................................................... . 7.09 8.04 5.73

May ............................................................................... . 6.94 7.90 5.53

June .............................................................................. . 6.77 7.71 5.39

July ............................................................................... . 6.51 7.44 5.27

Aug................................................................................ . 6.58 7.30 5.27

Sept. .............................................................................. . 6.50 7.04 5.25

Oct. ............................................................................... . 6.33 6.90 5.26

Nov................................................................................ . 6.11 6.79 5.23

Dec................................................................................ . 5.99 6.68 5.07

1998

Jan. ............................................................................... . 5.81 6.62 4.93

Feb................................................................................ . 5.89 6.66 4.96

Mar................................................................................ . 5.95 6.63 5.10

Apr. ............................................................................... . 5.92 6.59 5.10

May ............................................................................... . 5.93 6.63 5.17

June .............................................................................. . 5.70 6.43 5.01

July ............................................................................... . 5.68 6.36 5.04 

1

 Trea sury se ries based on 3-week mov ing av er age of reoffering yields of new cor po rate

bonds rated Aa by Moody’s In ves tors Ser vice with an orig i nal ma tu rity of at least 20 years.

2

 In dex of new reoffering yields on 20-year gen eral ob li ga tions rated Aa by Moody’s Inves tors Ser vice. Source: U.S. Trea sury, 1980-90; Moody’s, Jan u ary 1991 to pres ent.
56 MARKET YIELDS

CHART MY-B.—Average Yields of Long-Term

Treasury, Corporate, and Municipal Bonds*

Monthly av er ages (in per cent ages)

Cal en dar Years

* Source: Of fice of Mar ket Fi nance

Aa Cor po rate Bonds

Trea sury 30-yr. Bonds

Aa Mu nic i pal Bonds
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation

The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face

value of currency and coin used as a medium of exchange that

is in circulation at the end of a given accounting month. The

statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or

that may do so to a limited extent. Treasury includes them in

the statement because the issues were originally intended for

general circulation.

The USCC statement provides a description of the various issues of paper money. It also gives an estimated average

of currency and coin held by each individual, using estimates

of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the

“Treasury Bulletin.” The USCC comes from monthly reports

compiled by Treasury offices, various U.S. Mint offices, the

Federal Reserve Banks and the Federal Reserve Board.

57

TABLE USCC-1.—Amounts Outstanding and in Circulation, Sept. 30, 1998

[Source: Financial Management Service]

Total

currency Federal Reserve U.S. Currency no

and coin Total notes 1 notes longer issued

Currency (1) (2) (3) (4) (5)

Amounts outstanding. ................ $606,504,679,474 $581,100,156,576 $580,575,257,172 $269,682,716 $255,216,688

Less amounts held by:

The Treasury. .................... 69,397,291 11,387,308 11,178,290 20,739 188,279

Federal Reserve Banks............. 112,234,287,005 111,816,848,524 111,816,846,049 - 2,475

Amounts in circulation................ $494,200,995,178 $469,271,920,744 $468,747,232,833 $269,661,977 $255,025,934

Total Dollars 3 Fractional coins

Coins 2 (1) (2) (3)

Amounts outstanding. .................. $25,404,522,898 $2,024,703,898 $23,379,819,000

Less amounts held by:

The Treasury........................ 58,009,983 33,239,983 24,770,000

Federal Reserve Banks ............... 417,438,481 45,009,095 372,429,386

Amounts in circulation .................. $24,929,074,434 $1,946,454,820 $22,982,619,614

See footnotes following table USCC-2.
58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

1 Issued on or after July 1, 1929. 2 Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars.4 Represents value of certain partial denominations not presented for redemption. 5 Based on Bureau of the Census estimates of population.

$1 ............................. $6,575,540,063 $6,428,514,739 $143,481 $146,881,843

$2 ............................. 1,148,058,076 1,015,571,134 132,474,366 12,576

$5. ............................. 7,569,847,865 7,428,032,890 110,277,010 31,537,965

$10 ............................ 13,393,183,810 13,370,722,120 5,950 22,455,740

$20 ............................ 84,960,397,480 84,940,292,800 3,380 20,101,300

$50 ............................ 47,605,076,450 47,593,582,050 - 11,494,400

$100. ........................... 307,703,443,900 307,654,693,600 26,757,700 21,992,600

$500 ........................... 143,983,500 143,795,500 - 188,000

$1,000. ......................... 167,184,000 166,978,000 - 206,000

$5,000 .......................... 1,755,000 1,700,000 - 55,000

$10,000. ........................ 3,450,000 3,350,000 - 100,000

Fractional parts. .................. 485 - 485

Partial notes 4

. .................... 115 - 90 25

Total currency. .................. $469,271,920,744 $468,747,232,833 $269,661,977 $255,025,934

Sept. 30, 1998 .................................... $494,201 $1,825.26

Aug. 31, 1998..................................... 488,579 1,806.09

July 31, 1998 ..................................... 486,076 1,798.35

Sept. 30, 1995 .................................... 409,272 1,553.15

Sept. 30, 1990 .................................... 278,903 1,105.14

Sept. 30, 1985 .................................... 187,337 782.45

Sept. 30, 1980 .................................... 129,916 581.48

June 30, 1975 .................................... 81,196 380.08

June 30, 1970 .................................... 54,351 265.39

June 30, 1965 .................................... 39,719 204.14

June 30, 1960 .................................... 32,064 177.47

June 30, 1955 .................................... 30,229 182.90

TABLE USCC-2.—Amounts Outstanding and in Circulation, Sept. 30, 1998

[Source: Financial Management Service]

Federal Currency

Reserve U.S. no longer

Currency in circulation Total notes 1 notes issued

by denomination (1) (2) (3) (4)

Comparative totals of

currency and coins Amount Per

in circulation (in millions) capita 5

selected dates (1) (2)
61

TA BLE IFS-1.—U.S. Re serve As sets

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis] 

Re serve po si tion

To tal Spe cial in In ter na tional

End of cal en dar re serve Gold draw ing For eign Mon e tary

year or month as sets 1stock 2rights 1, 3cur ren cies 4 Fund 1,5,6

(1) (2) (3) (4) (5)

1993................. . 73,442 11,053 9,039 41,532 11,818

1994................. . 74,335 11,051 10,039 41,215 12,030

1995................. . 85,832 11,050 11,037 49,096 14,649

1996................. . 75,089 11,048 10,312 38,294 15,435

1997 - Oct............. . 68,036 11,050 10,132 32,611 14,243

Nov. ........... . 67,112 11,050 10,120 31,371 14,571

Dec. ........... . 69,954 11,047 10,027 30,809 18,071

1998 - Jan............. . 70,003 11,046 9,998 30,920 18,039

Feb............. . 70,632 11,050 10,217 31,230 18,135

Mar............. . 69,353 11,049 10,108 30,220 17,976

Apr. ............ . 70,328 11,048 10,188 30,874 18,218

May ............ . 70,723 11,049 10,296 30,421 18,957

June ........... . 71,161 11,047 10,001 31,168 18,945

July ............ . 72,264 11,046 9,586 30,852 20,780

Aug. ........... . 73,544 11,046 9,891 31,446 21,161

Sept. ........... . 75,676 11,044 10,106 32,882 21,644

Oct. ............ . 79,186 11,044 10,379 35,485 22,278

1

 Be gin ning July 1974, the In ter na tional Mon e tary Fund (IMF) adopted a tech nique for val u ing

the spe cial draw ing right (SDR) based on a weighted-average of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and re serve po si tion in the IMF also 

are val ued on this ba sis be gin ning July 1974.

2

 Trea sury val ues its gold stock at $42.2222 per fine troy ounce and pur su ant to 31 U.S.C. 5117

(b) is sues gold cer tif i cates to the Fed eral Re serve at the same rate against all gold held.

3

 In cludes al lo ca tions of SDRs in the Spe cial Draw ing Ac count in the IMF, plus or mi nus trans -

ac tions in SDRs.

4

 In cludes hold ings of Trea sury and Fed eral Re serve Sys tem; be gin ning No vem ber 1978,

these are val ued at cur rent mar ket ex change rates or, where ap pro pri ate, at such other rates

as may be agreed upon by the par ties to the trans ac tions. 

5

 The United States has the right to pur chase for eign cur ren cies equiv a lent to its re serve po si -

tion in the IMF au to mat i cally if needed. Un der ap pro pri ate con di tions, the United States could

pur chase ad di tional amounts re lated to the U.S. quota.

6

 Includes $483 mil lion of loans to the IMF un der the Gen eral Ar range ments to Bor row (GAB) in 

July 1998.

IN TRO DUC TION: In ter na tional Fi nan cial Sta tis tics

The ta bles in this sec tion pro vide sta tis tics on the U.S.

Gov ern ment’s re serve as sets, li a bil i ties to for eign ers, and its

in ter na tional fi nan cial po si tion. All mon e tary fig ures are in

dol lars or dol lar equiv a lents.

 • Ta ble IFS-1 shows re serve as sets of the United States,

in clud ing its gold stock,spe cial draw ing rights held in the Special Draw ing Ac count in the In ter na tional Mon e tary Fund

(IMF), hold ings of con vert ible for eign cur ren cies, and re serve

po si tion in the IMF.

 • Ta ble IFS-2 con tains sta tis tics on li a bil i ties to for eign

of fi cial in sti tu tions, and se lected li a bil i ties to all other for eign -

ers, which are used in the U.S. bal ance of pay ments sta tis tics.

 • Ta ble IFS-3 shows non mar ket able bonds and notes that

the Trea sury is sues to of fi cial in sti tu tions and other res i dents

of for eign coun tries.
62 IN TER NA TIONAL FI NAN CIAL STA TIS TICS

TA BLE IFS-2.—Se lected U.S. Li a bil i ties to For eigners

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Li a bil i ties to for eign coun tries 

Li a bil i ties to

Of fi cial in sti tu tions

1 other for eign ers LiabiliMar ket- Nonmarket- Other Liabili- Mar ket- ties

able U.S. able U.S. readily ties able U.S. to nonLi a bil i ties Trea sury Trea sury mar ket- re ported Trea sury mon e tary

End of re ported by bonds bonds able Liabili- by bonds in ter na tional 

cal en dar banks in and and liabili- ties to banks in and and re gional

year To tal To tal United States notes

2

notes

3

ties 4banks 5 To tal United States notes 2,6or ga ni za tions 7

or month (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1993 .......... . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597

1994 8......... . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581

Se ries break .... . 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321

1995 .......... . 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795

1996 .......... . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412

1997 - Sept. r ... . 2,348,148 776,531 300,291 439,082 5,879 31,279 843,630 712,701 164,091 548,610 15,286

Oct. r .... . 2,391,575 771,844 307,449 426,540 5,918 31,937 851,947 750,607 172,056 578,551 17,177

Nov. r .... . 2,424,356 764,477 298,257 428,371 5,955 31,894 884,532 759,195 166,986 592,209 16,152

Dec. r .... . 2,452,968 749,295 283,685 428,004 5,994 31,612 932,335 757,193 172,405 584,788 14,145

1998 - Jan. r .... . 2,443,102 752,319 286,480 426,815 6,033 32,991 911,134 765,432 174,746 590,686 14,217

Feb. r .... . 2,470,200 752,087 284,030 428,057 6,069 33,931 916,304 782,782 183,461 599,321 19,027

Mar. r .... . 2,420,434 762,688 288,069 434,190 6,110 34,319 861,208 775,966 188,426 587,540 20,572

Apr. r .... . 2,440,611 758,865 283,330 435,352 6,149 34,034 874,160 788,046 196,116 591,930 19,540

May ..... . 2,451,551 756,506 280,278 436,250 6,189 33,789 880,732 795,325 182,949 612,376 18,988

June ..... . 2,466,688 752,791 278,423 432,764 6,229 35,375 892,375 803,927 186,255 617,672 17,595

July...... . 2,481,349 748,182 273,229 433,233 6,269 35,451 908,036 807,272 193,700 613,572 17,859

Aug. p.... . 2,502,277 734,040 274,443 416,313 6,311 36,973 936,089 813,415 198,699 614,716 18,733

Sept. p ... . 2,513,597 708,680 259,647 406,009 6,351 36,673 967,568 818,664 198,917 619,747 18,685

1 In cludes Bank for In ter na tional Set tle ments.

2

 Derived by ap ply ing re ported trans ac tions to bench mark data.

3

 In cludes cur rent value of zero-coupon Trea sury bond is sues to for eign gov ern ments as follows: Mex ico, be gin ning March 1988, 20-year ma tu rity is sue and be gin ning March 1990,

30-year ma tu rity is sue; Ven e zuela, be gin ning De cem ber 1990, 30-year ma tu rity is sue; Ar gen -

tina, be gin ning April 1993, 30-year ma tu rity is sue. Also, see foot notes to ta ble IFS-3.

4

 In cludes debt se cu ri ties of U.S. Gov ern ment cor po ra tions, fed er ally spon sored agen cies,

and pri vate cor po ra tions.

5

 In cludes li a bil i ties pay able in dol lars to for eign banks and li a bil i ties pay able in for eign cur ren -

cies to for eign banks and to “other for eign ers.”

6

 In cludes mar ket able U.S. Gov ern ment bonds and notes held by for eign banks.

7

 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment, the Inter-American

De vel op ment Bank, and the Asian De vel op ment Bank.

8

 Data on the two lines shown for this date re flect dif fer ent bench mark bases for for eign ers’

hold ings of se lected U.S. long-term se cu ri ties. Fig ures on the first line are com pa ra ble to those

for ear lier dates; fig ures on the sec ond line are based in part on a bench mark sur vey as of

end-year 1994 and are com pa ra ble to those shown for fol low ing dates. 

 Note.—Ta ble is based on De part ment of Trea sury data and on data re ported to the De part -

ment of Trea sury by banks, other de pos i tory in sti tu tions, and bro kers in the United States.

Data cor re spond gen er ally to sta tis tics fol low ing in this sec tion and in the “Cap i tal Move ments”

sec tion. Ta ble ex cludes In ter na tional Mon e tary Fund “hold ings of dol lars” and hold ings of U.S.

Trea sury let ters of credit and non ne go tia ble noninterest-bearing spe cial U.S. notes held by in -

ter na tional and re gional or ga ni za tions.
IN TER NA TIONAL FI NAN CIAL STA TIS TICS 63

TA BLE IFS-3.—Non mar ket able U.S. Trea sury Bonds and Notes Is sued

to Of fi cial In sti tu tions and Other Res i dents of For eign Coun tries

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Pay able in dol lars

End of cal en dar Grand to tal To tal Ar gen tina 1 Mex ico 2 Ven e zuela 3

year or month (1) (2) (3) (4) (5)

1993 ...................... . 5,652 5,652 818 3,949 885

1994 ...................... . 6,109 6,109 879 4,271 959

1995 ...................... . 6,492 6,492 945 4,515 1,032

1996 ...................... . 5,968 5,968 1,015 3,835 1,118

1997 - Sept. ................ . 5,879 5,879 1,071 3,622 1,186

Oct. ................. . 5,918 5,918 1,078 3,646 1,194

Nov. ................. . 5,955 5,955 1,084 3,669 1,202

Dec. ................. . 5,994 5,994 1,091 3,692 1,211

1998 - Jan. ................. . 6,033 6,033 1,097 3,717 1,219

Feb. ................. . 6,069 6,069 1,103 3,740 1,226

Mar. ................. . 6,110 6,110 1,110 3,765 1,235

Apr. ................. . 6,149 6,149 1,117 3,789 1,243

May ................. . 6,189 6,189 1,124 3,814 1,251

June ................. . 6,229 6,229 1,130 3,839 1,260

July ................. . 6,269 6,269 1,137 3,864 1,268

Aug. ................. . 6,311 6,311 1,144 3,890 1,277

Sept. ................ . 6,351 6,351 1,151 3,915 1,285

1

 Be gin ning April 1993, in cludes cur rent value (prin ci pal and ac crued in ter est) of zero-coupon,

30-year ma tu rity Treasury bond is sue to the gov ern ment of Ar gen tina. Face value of the is sue is 

$6,685 mil lion.

2

 In cludes the cur rent value of the fol low ing zero-coupon, Trea sury bond is sues to the gov ernment of Mex ico: Be gin ning March 1988, 20-year ma tu rity is sue with re main ing face value of

$1,058 mil lion that was re tired in full in April 1997; and be gin ning March 1990, 30 year ma tu rity

is sue with re main ing face value of $20,412 mil lion.

3

 Be gin ning De cem ber 1990, in di cates cur rent value of zero-coupon, 30-year ma tu rity Trea sury

bond is sue to the Re pub lic of Ven e zuela. Re maining face value of the is sue is $7,162 mil lion.
64

IN TRO DUC TION: Capi tal Move ments

Treas ury col lects in for ma tion about the trans fer ence of finan cial as sets and other port fo lio capi tal move ments be tween

the United States and for eign ers and has since 1935. Com mer -

cial banks and other de posi tory in sti tu tions, bank hold ing compa nies, se cu ri ties bro kers and deal ers and nonbanking

en ter prises in the United States file capi tal move ment re ports

with dis trict Fed eral Re serve Banks.

Forms and in struc tions are de vel oped with the co op era tion

of other Gov ern ment agen cies and the Fed eral Re serve Sys tem

and in con sul ta tion with rep re sen ta tives of banks, se cu ri ties

firms and nonbanking en ter prises. Cop ies of the re port ing

forms and in struc tions may be ob tained from the Of fice of Inter na tional Fi nan cial Analy sis, Of fice of the As sis tant Sec re -

tary for Eco nomic Pol icy, De part ment of the Treas ury,

Wash ing ton, D.C., 20220 or from dis trict Fed eral Re serve

Banks.

In gen eral, in for ma tion is re ported op po site the coun try or

geo graphi cal area where the for eigner is lo cated, as shown on

rec ords of re port ing in sti tu tions. How ever, in for ma tion may

not al ways re flect the ul ti mate own er ship of as sets. Re port ing

in sti tu tions are not re quired to go be yond ad dresses shown on

their rec ords and so may not be aware of the ac tual coun try of

domi cile of the ul ti mate bene fi ci ary.

Trans ac tions with branches or agen cies of for eign of fi cial

in sti tu tions, wher ever lo cated, are re ported op po site the country that has sov er eignty over the in sti tu tions. Trans ac tions with

in ter na tional and re gional or gani za tions are not re ported op po -

site any coun try, but are ac counted for in re gional group ings of

such or gani za tions. The only ex cep tion is in for ma tion per tain -

ing to the Bank for In ter na tional Set tle ments, which is re ported 

op po site “Other Eu rope.”

Banks and other de posi tory in sti tu tions, bank hold ing compa nies, In ter na tional Bank ing Fa cili ties (IBFs), se cu ri ties brokers and deal ers and nonbanking en ter prises in the United

States must file re ports. These en ter prises in clude the

branches, agen cies, sub sidi ar ies and other af fili ates in the

United States of for eign bank ing and non bank ing firms. Those

with li abili ties, claims or se cu ri ties trans ac tions be low specified ex emp tion lev els are ex empt from re port ing.

Banks and other de pos i tory in sti tu tions and some bro kers

and deal ers, file monthly re ports cov er ing their dol lar li a bil i -

ties to, and dol lar claims on, for eign ers in a num ber of countries. Twice a year, June 30 and De cem ber 31, they also re port

the same li a bil i ties and claims items at trib uted to for eign ers in

coun tries not shown sep a rately on the monthly re ports. Quarterly re ports are filed for li a bil i ties and claims de nom i nated in

for eign cur ren cies. The ex emp tion level ap pli ca ble to these

bank ing re ports is $15 mil lion.

Banks and other de posi tory in sti tu tions, se cu ri ties bro kers

and deal ers and other en ter prises re port monthly their trans ac -

tions with for eign ers in long- term se cu ri ties. They must re port

se cu ri ties trans ac tions with for eign ers if their ag gre gate purchases or their ag gre gate sales amount to at least $2 mil lion

dur ing the cov ered month.

Ex porters, im port ers, in dus trial and com mer cial con cerns,

fi nan cial in sti tu tions (other than banks, other de pos i tory in sti -

tu tions and bro kers) and other nonbanking en ter prises must

file re ports quar terly if li a bil i ties to or claims on, un af fil i ated

for eign ers amount to $10 mil lion or more at the end of the covered quar ter.

Non bank ing en ter prises also re port each month their ag gre -

gate U.S. dol lar de nomi nated de posit and cer tifi cates of deposit claims of $10 mil lion or more on banks abroad.

The data in these ta bles do not cover all types of re ported

capi tal move ments be tween the United States and other countries. The prin ci pal ex clu sions are the in ter com pany capi tal

trans ac tions of non bank ing busi ness en ter prises in the United

States with their own branches and sub sidi ar ies abroad or with

their for eign par ent com pa nies (own for eign of fices) and cap i -

tal trans ac tions of the U.S. Gov ern ment. Con soli dated data on

all types of in ter na tional capi tal trans ac tions are pub lished by

the De part ment of Com merce in its regu lar re ports on the

United States bal ance of pay ments.

• Sec tion I pres ents li a bil i ties to for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, as well as bro kers and

deal ers. Dol lar li a bil i ties are re ported monthly; those de nom i -

nated in for eign cur ren cies are re ported quar terly. Re spon dents 

re port cer tain of their own li a bil i ties and a wide range of their

cus tody li a bil i ties to for eign ers.

• Sec tion II pres ents claims on for eign ers re ported by U.S.

banks and other de pos i tory in sti tu tions, bro kers and deal ers.

Data on banks’ claims held for their own ac count are col lected

monthly. In for ma tion on claims held for their do mes tic custom ers as well as on for eign cur rency claims, is col lected on a

quar terly ba sis only. Ma tu rity data are re ported ac cord ing to

time re main ing to ma tu rity. Re porting also cov ers cer tain

items held by bro kers and deal ers in the United States.

• Sec tion III con tains sup ple men tary data on dol lar li a bil i -

ties to and dol lar claims on, coun tries not listed sep a rately on

the monthly re ports sub mit ted by banks, other de pos i tory in sti -

tu tions, bro kers and deal ers in the United States. The sup ple -

men tary re ports are filed semi an nu ally as of the end of June

and De cem ber. 

• Sec tion IV shows the li a bil i ties to and claims on, un af fil i -

ated for eign ers of ex port ers, im port ers, in dus trial and com mer -

cial con cerns, fi nan cial in sti tu tions (other than banks, other

de pos i tory in sti tu tions and bro kers) and other nonbanking enter prises in the United States. In for ma tion does not in clude accounts of nonbanking en ter prises in the United States with

their own branches and sub sid iar ies abroad or with their foreign par ent com pa nies. These are re ported by busi ness en ter -

prises to the De part ment of Com merce on its di rect in vest ment
CAPI TAL MOVE MENTS 65

SEC TION I.—Li a bil i ties to For eigners Re ported by Banks

in the United States

TA BLE CM-I-1.—To tal Li a bil i ties by Type of Holder

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 1 In cludes Bank for In ter na tional Set tle ments.

 2 Prin ci pally the In ter na tional Bank for Re con struc tion and De vel op ment and the In terAmeri can De vel op ment Bank.

3 Data as of pre ced ing quar ter for non-quarter-end months.

forms. Data ex clude claims on for eign ers held through banks

in the United States.

• Sec tion V con tains in for ma tion on trans ac tions with foreign ers in long-term do mes tic and for eign se cu ri ties as reported by banks, bro kers and other en ti ties in the United

States. The data cover trans ac tions ex e cuted in the United

States for the ac counts of for eign ers and trans ac tions ex e cuted

abroad for the ac counts of re port ing in sti tu tions and their domes tic cus tom ers. This in cludes trans ac tions in newly is sued

se cu ri ties as well as trans ac tions in and re demp tions of, outstand ing is sues. How ever, the data do not in clude non mar ket -

able Trea sury bonds and notes shown in ta ble IFS-3.

The geo graphi cal break down of the trans ac tions data does

not nec es sar ily re flect the domi cile of the ul ti mate own ers of

or the origi nal is su ers of, the se cu ri ties. This is be cause the

path of a se cu rity is not tracked prior to its be ing pur chased

from or af ter it is sold to, a for eigner in a re port able trans ac -

tion. That is, be fore it en ters and af ter it de parts the re port ing

sys tem, own er ship of a se cu rity may be trans ferred be tween

for eign ers of dif fer ent coun tries. Such trans fers may oc cur any

number of times and are con cealed among the net fig ures for

U.S. trans ac tions op po site in di vid ual coun tries. Hence, the

geo graphi cal break down shows only the coun try of domi cile

of the for eign buy ers and sell ers of se cu ri ties in a par ticu lar

round of trans ac tions.

End of cal en dar 

year or month

For eign coun tries Memoranda

Of fi cial in sti tu tions 1Banks and other for eign ers In ter na tional and regional 2

To tal li abili ties to all

for eign ers re ported by

IB F’s

To tal li abili -

ties To tal

Pay able

in dol lars

Pay able in

for eign curren cies 3

Total

Pay able

in dol lars

Pay able in

for eign curren cies 3

Total

Pay able

in dol lars

Pay able in

for eign curren cies 3

Pay able

in dollars

Pay able in

for eign curren cies 3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

1993 .............. . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669

1994 .............. . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397

1995 .............. . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755

1996 .............. . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782

1997 - Sept. r ....... . 1,320,599 300,186 300,186 - 1,007,793 888,502 119,291 12,620 11,806 814 359,736 85,285

Oct. r ........ . 1,346,106 307,387 307,387 - 1,023,991 904,700 119,291 14,728 13,914 814 379,165 85,285

Nov. r ........ . 1,362,967 298,198 298,198 - 1,051,486 932,195 119,291 13,283 12,469 814 388,790 85,285

Dec. r ........ . 1,401,210 283,627 283,627 - 1,104,697 988,369 116,328 12,886 11,690 1,196 407,102 86,232

1998 - Jan. r ........ . 1,384,778 286,540 286,540 - 1,085,802 969,474 116,328 12,436 11,240 1,196 386,378 86,232

Feb. r ........ . 1,401,175 284,063 284,063 - 1,099,732 983,404 116,328 17,380 16,184 1,196 390,675 86,232

Mar. r ........ . 1,355,417 288,054 288,054 - 1,049,634 951,775 97,859 17,729 15,246 2,483 373,476 73,087

Apr. r ........ . 1,370,968 283,347 283,347 - 1,070,244 972,385 97,859 17,377 14,894 2,483 372,107 73,087

May ......... . 1,360,615 280,310 280,310 - 1,063,636 965,777 97,859 16,669 14,186 2,483 373,732 73,087

June ......... . 1,378,151 278,423 278,423 - 1,084,132 995,506 88,626 15,596 14,103 1,493 362,764 52,191

July ......... . 1,396,607 273,229 273,229 - 1,107,571 1,018,945 88,626 15,807 14,314 1,493 385,557 52,191

Aug. p ....... . 1,431,741 274,468 274,468 - 1,140,592 1,051,966 88,626 16,681 15,188 1,493 399,588 52,191

Sept. p ....... . 1,438,715 259,638 259,638 - 1,162,385 1,073,759 88,626 16,692 15,199 1,493 395,451 52,191
66 CAPI TAL MOVE MENTS

PART B.—Non mone tary In ter na tional and Re gional Or gani za tions

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1

 In cludes Bank for In ter na tional Set tle ments. 2

 Time de pos its ex clude ne go tia ble time cer tifi cates of de posit, which are in cluded in “Other 

li abili ties.”

 Note.—Non mone tary in ter na tional and re gional or gani za tions in clude prin ci pally the Inter na tional Bank for Re con struc tion and De vel op ment and the Inter- American De vel op ment

Bank. 

TA BLE CM- I-2.—To tal Li abili ties by Type, Pay able in Dol lars

Part A.—For eign Coun tries

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

End of cal en dar

year or month

To tal foreign

coun tries

Of fi cial in sti tu tions 1Banks Other foreigners

De posits

U.S.

Treas ury 

bills and

cer tifi -

cates 

Other li a -

bil i ties 2

Deposits

U.S.

Treas ury 

bills and

cer tifi -

cates 

Other liabili ties 2

To own

for eign

offices

Deposits

U.S.

Treas ury 

bills and

cer tifi -

cates 

Other liabil i ties 2 Demand Time 2 Demand Time 2 De mand Time 2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

End of cal en dar

year or month Total De mand deposits Time de pos its 2

U.S. Treas ury bills and

certificates Other li abili ties 2

(1) (2) (3) (4) (5)

1993 ........... . 915,736 1,600 21,653 151,100 46,468 9,718 105,262 10,712 148,206 318,273 10,236 45,411 10,652 36,445

1994 ........... . 1,006,390 1,564 23,511 139,571 48,311 10,633 111,171 11,264 149,986 395,478 11,160 48,532 11,822 43,387

1995 ........... . 1,088,510 2,098 30,717 168,534 74,579 11,758 103,471 15,872 164,021 396,290 10,571 53,714 12,599 44,286

1996 ........... . 1,148,176 1,511 33,336 198,921 78,251 13,692 89,765 23,106 166,728 401,544 11,802 58,025 14,495 57,000

1997 - Sept. r .... . 1,188,688 1,745 40,284 161,610 96,547 13,852 76,164 30,012 192,406 412,017 11,964 65,361 14,137 72,589

Oct. r ..... . 1,212,087 2,034 42,070 153,283 110,000 18,354 82,636 33,085 195,115 403,501 13,079 63,658 13,603 81,669

Nov. r ..... . 1,230,393 1,891 40,016 150,102 106,189 21,316 84,121 32,995 201,190 425,675 12,440 63,726 13,245 77,487

Dec. r ..... . 1,271,996 2,314 41,420 148,301 91,592 17,527 83,433 31,915 198,137 485,052 12,247 68,151 12,954 78,953

1998 - Jan. r ..... . 1,256,014 1,682 38,726 145,609 100,523 15,974 79,051 27,607 207,258 464,838 11,885 64,785 11,580 86,496

Feb. r ..... . 1,267,467 1,910 37,242 144,324 100,587 16,084 75,255 30,620 200,801 477,183 11,623 65,448 11,471 94,919

Mar. ...... . 1,239,829 2,051 40,265 153,335 92,403 18,350 70,060 28,499 206,656 439,784 12,089 66,827 9,490 100,020

Apr........ . 1,255,732 2,532 38,865 138,418 103,532 17,152 72,703 26,650 220,386 439,378 12,058 67,734 8,844 107,480

May ...... . 1,246,087 2,052 36,060 137,652 104,546 16,111 74,018 26,920 222,255 443,524 12,809 68,053 8,942 93,145

June ...... . 1,273,929 2,582 36,068 134,324 105,449 20,772 75,231 25,337 209,560 478,351 12,666 68,603 9,226 95,760

July....... . 1,292,174 3,560 36,358 131,089 102,222 15,097 78,252 22,929 223,515 485,452 12,252 67,092 9,907 104,449

Aug. p..... . 1,326,434 3,456 35,603 130,398 105,011 16,063 74,151 20,696 221,331 521,051 13,460 67,500 10,651 107,063

Sept. p .... . 1,333,397 3,607 28,067 128,146 99,818 15,799 67,644 21,563 227,206 542,409 13,742 69,267 10,454 105,675

1993 ........................ . 10,936 15 2,780 4,275 3,866

1994 ........................ . 8,606 29 3,298 281 4,998

1995 ........................ . 11,039 21 4,656 350 6,012

1996 ........................ . 13,972 29 5,784 352 7,807

1997 - Sept. .................. . 11,806 771 5,967 53 5,015

Oct. ................... . 13,914 36 5,161 148 8,569

Nov. ................... . 12,469 43 6,310 46 6,070

Dec. r.................. . 11,690 16 5,466 69 6,139

1998 - Jan. ................... . 11,240 175 5,023 85 5,957

Feb. ................... . 16,184 74 5,316 149 10,645

Mar. ................... . 15,246 98 5,957 247 8,944

Apr. ................... . 14,894 365 6,646 344 7,539

May ................... . 14,186 229 7,029 359 6,569

June................... . 14,103 226 6,784 338 6,755

July ................... . 14,314 19 6,354 349 7,592

Aug. p ................. . 15,188 59 6,252 490 8,387
CAPI TAL MOVE MENTS 67

TA BLE CM- I-3.—To tal Li abili ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

 Cal en dar year 1998

Coun try 1995 1996 1997 r May r June July Aug. Sept. p

Eu rope:

Aus tria..................... . 4,269 5,688 3,388 4,111 2,988 3,322 3,391 3,857

Bel gium-Luxembourg ......... . 31,298 31,085 46,246 40,536 38,591 36,982 38,223 37,073

Bul garia.................... . 752 418 729 1,109 1,145 1,015 834 866

Czech Re pub lic.............. . 1,667 653 1,324 669 277 464 639 327

Den mark ................... . 3,517 2,905 1,903 1,667 2,254 2,278 2,393 1,843

Fin land .................... . 3,035 2,031 2,869 2,054 2,067 1,840 1,979 1,810

France..................... . 49,220 42,540 52,148 52,587 51,323 52,301 53,489 55,515

Ger many ................... . 31,065 31,778 30,589 33,288 34,427 32,687 37,708 34,767

Greece .................... . 2,039 1,845 1,558 2,616 2,434 2,789 2,946 2,549

Hun gary ................... . 2,055 1,142 1,064 931 1,186 1,078 968 691

Ire land..................... . 2,615 2,021 4,376 4,660 6,159 6,467 8,423 8,540

It aly ....................... . 16,045 15,690 15,498 14,447 14,055 13,660 13,171 11,730

Neth er lands ................ . 14,993 12,258 8,359 8,488 7,626 7,878 10,020 8,847

Nor way .................... . 1,424 1,464 341 806 870 1,442 1,732 951

Po land..................... . 5,690 5,546 5,112 6,520 6,327 7,617 6,864 5,581

Por tu gal ................... . 2,916 3,664 3,736 3,294 3,935 4,424 4,025 3,893

Ro ma nia ................... . 246 275 734 1,089 1,080 1,126 899 642

Rus sia 1.................... . 7,948 7,625 7,979 3,958 4,661 6,405 2,725 3,092

Spain...................... . 11,960 20,526 19,878 16,513 12,843 13,273 15,477 21,681

Swe den.................... . 3,376 2,168 2,834 2,775 3,637 2,687 2,258 3,774

Swit zer land ................. . 46,210 47,402 46,214 37,413 42,333 48,123 42,624 51,875

Tur key..................... . 4,311 6,813 4,068 4,570 5,075 5,258 4,498 4,445

United King dom ............. . 161,112 182,035 212,790 199,978 200,354 220,510 242,798 228,494

Yu go sla via 2................. . 177 295 239 275 234 322 242 253

Other Eu rope ............... . 14,255 13,331 14,251 13,895 10,349 11,962 13,288 11,630

To tal Eu rope .............. . 422,195 441,198 488,227 458,249 456,230 485,910 511,614 504,726

Can ada ..................... . 32,002 41,438 33,185 30,316 32,882 33,544 31,862 32,584

Latin Amer ica and Ca rib bean:

Ar gen tina .................. . 12,356 13,971 20,279 17,007 18,544 21,052 21,697 18,426

Ba ha mas................... . 96,525 90,244 114,319 117,360 119,514 118,388 116,622 125,885

Ber muda ................... . 4,956 5,813 7,138 7,420 7,912 7,359 7,475 8,063

Brazil...................... . 24,317 27,749 31,407 38,945 36,097 35,044 28,576 19,248

Brit ish West In dies ........... . 249,273 259,860 283,441 286,490 305,480 300,501 301,629 308,689

Chile ...................... . 2,891 3,050 4,126 4,277 4,496 5,127 4,866 5,865

Co lom bia................... . 3,747 3,279 3,668 4,404 4,821 4,039 4,118 4,479

Cuba ...................... . 8 21 66 59 63 63 62 62

Ec ua dor ................... . 1,323 1,779 2,084 1,790 1,623 1,779 1,615 1,547

Gua te mala ................. . 1,289 1,287 1,497 1,355 1,365 1,275 1,239 1,243

Ja maica ................... . 498 652 475 464 547 544 575 566

Mex ico .................... . 24,611 32,396 35,295 39,000 39,270 39,780 39,313 36,907

Neth er lands An til les .......... . 5,185 6,388 5,446 7,659 7,060 9,121 8,539 8,787

Pan ama ................... . 4,412 4,198 4,269 4,174 3,731 3,604 3,683 3,834

Peru ...................... . 987 847 901 980 933 992 908 851

Trin i dad and To bago.......... . 456 601 597 404 470 536 520 484

Uru guay ................... . 1,869 1,907 2,403 2,023 2,004 2,119 2,113 2,299

Ven e zuela.................. . 12,117 17,566 21,771 22,088 20,749 19,799 20,432 19,610

Other Latin Amer ica 

 and Ca rib bean ............ . 7,241 8,176 9,068 9,623 9,748 9,465 9,288 9,421
68 CAPI TAL MOVE MENTS

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

TA BLE CM- I-3.—To tal Li abili ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

 Cal en dar year 1998

Coun try 1995 1996 1997 r May r June July Aug. Sept. p

Asia:

China:

Main land .................. . 33,765 30,438 18,252 20,209 21,558 18,919 18,506 18,523

Tai wan ................... . 11,743 16,018 11,779 12,667 11,637 11,351 11,308 12,098

Hong Kong.................. . 22,588 19,443 19,216 19,961 21,248 17,354 19,877 18,155

In dia ....................... . 3,378 3,932 4,574 4,885 4,824 4,681 6,440 5,147

In do ne sia ................... . 2,743 2,307 3,616 3,241 3,873 3,963 5,676 5,495

Is rael ...................... . 4,064 6,062 6,282 6,252 6,097 5,971 5,298 5,986

Ja pan ...................... . 139,056 138,148 172,352 133,182 129,598 134,096 142,305 153,686

Ko rea ...................... . 5,797 6,009 13,107 14,057 13,317 12,761 12,546 13,034

Leb a non.................... . 631 1,180 1,102 1,638 1,282 1,510 1,628 1,208

Ma lay sia.................... . 2,415 2,048 1,737 1,967 1,988 1,954 1,919 2,048

Pa ki stan.................... . 1,703 996 1,335 1,073 1,316 1,168 1,306 1,262

Phil ip pines .................. . 3,100 3,383 3,255 3,179 3,798 2,989 3,157 3,092

Sin ga pore .................. . 11,564 10,794 18,412 18,850 22,060 20,084 23,163 21,701

Syria....................... . 858 53 35 51 43 41 40 42

Thai land.................... . 12,291 10,921 6,505 8,880 7,151 6,783 7,872 6,667

Oil-exporting coun tries 3........ . 16,057 16,784 15,490 15,763 14,394 14,467 15,097 17,140

Other Asia .................. . 2,413 2,804 3,873 4,292 4,347 3,979 4,466 4,458

To tal Asia ................. . 274,166 271,320 300,922 270,147 268,531 262,071 280,604 289,742

Af rica:

Egypt ...................... . 2,137 2,013 1,667 1,461 1,525 1,321 1,461 1,618

Ghana ..................... . 229 251 302 263 225 243 183 196

Li be ria ..................... . 368 351 257 316 302 331 315 377

Mo rocco.................... . 104 112 138 115 88 78 80 92

South Af rica ................. . 810 517 2,163 2,465 2,643 2,447 2,429 2,659

Zaire....................... . 10 10 10 5 5 7 35 6

Oil-exporting coun tries 4........ . 1,837 2,630 3,143 4,355 3,637 3,978 3,769 3,812

Other Af rica ................. . 2,271 2,306 2,766 2,324 2,410 2,483 2,390 2,438

To tal Af rica ................ . 7,766 8,190 10,446 11,304 10,835 10,888 10,662 11,198

Other coun tries:

Aus tra lia.................... . 5,732 6,511 6,377 7,467 8,561 6,541 5,982 6,478

All other .................... . 1,163 1,478 917 941 1,089 1,259 1,066 1,029

To tal other coun tries ......... . 6,895 7,989 7,294 8,408 9,650 7,800 7,048 7,507

To tal for eign coun tries ...... . 1,197,085 1,249,919 1,388,324 1,343,946 1,362,555 1,380,800 1,415,060 1,422,023

In ter na tional and re gional orgs.:

In ter na tional................. . 10,179 13,459 11,592 14,705 13,972 12,644 14,249 14,193

Eu ro pean re gional ............ . 119 60 111 306 237 295 319 320

Latin Amer i can re gional ........ . 1,152 1,643 493 1,117 763 819 790 869

Asian re gional ............... . 194 157 562 390 495 1,891 1,187 1,161

Af ri can re gional .............. . 496 281 123 151 129 158 136 149

Mid dle East ern re gional ........ . 37 36 5 - - - - -

To tal in ter na tional 

and re gional .............. . 12,177 15,636 12,886 16,669 15,596 15,807 16,681 16,692
CAPI TAL MOVE MENTS 69

See foot notes at end of ta ble.

TA BLE CM- I-4.—To tal Li abili ties by Type and Coun try, Sept. 30, 1998, Pre limi nary

[Po si tion in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Country

To tal liabilities

Li abili ties pay able in dollars

Totals

To for eign of fi cial in sti tu tions and un af -

fili ated for eign banks

Li abili ties 

to banks’

own foreign

offices

To all other foreigners

Memo -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies

1

De posits 

Shortterm U.S.

Trea sury

ob li ga -

tions

3

Other

liabilities

De posits 

Short-term

U.S. Treasury ob li ga -

tions

3

Other

liabilities

Ne go tia -

ble CD’s

held for

all foreign ers 

Banks’

own

liabilities

Cus tody

liabilities Demand Time

2 Demand Time2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Eu rope:

Aus tria .............. . 3,857 3,137 720 2,401 736 570 435 535 1,343 33 12 168 27 14 15

Bel gium-Luxembourg . . . 37,073 33,936 3,137 13,844 20,092 695 3,070 3,470 15,036 7,337 229 325 375 3,399 474

Bul garia ............. . 866 866 - 179 687 10 15 687 146 4 - 4 - - -

Czech Re pub lic ....... . 327 320 7 264 56 41 63 - 119 12 3 76 5 1 -

Den mark ............ . 1,843 1,578 265 754 824 39 190 44 677 119 23 17 3 466 100

Fin land.............. . 1,810 1,181 629 341 840 16 7 536 196 100 8 14 3 301 -

France .............. . 55,515 50,354 5,161 29,004 21,350 632 7,111 16,979 5,854 16,424 323 320 29 2,682 968

Ger many ............ . 34,767 25,810 8,957 15,945 9,865 616 3,010 2,491 9,858 3,331 296 899 68 5,241 3,236

Greece.............. . 2,549 2,544 5 1,361 1,183 204 316 1,105 410 80 45 301 14 69 35

Hun gary............. . 691 688 3 328 360 43 - - 602 7 2 8 - 26 -

Ire land .............. . 8,540 8,110 430 3,751 4,359 139 659 587 2,141 372 60 277 302 3,573 355

It aly ................ . 11,730 9,184 2,546 7,786 1,398 355 1,745 154 5,500 543 120 358 13 396 67

Neth er lands .......... . 8,847 8,066 781 5,643 2,423 230 1,838 199 2,220 2,340 168 111 102 858 534

Nor way ............. . 951 688 263 502 186 30 32 49 212 70 74 32 13 176 1

Po land .............. . 5,581 5,559 22 2,177 3,382 25 93 2,580 2,059 277 2 6 1 516 -

Por tu gal ............. . 3,893 2,292 1,601 836 1,456 74 271 1,322 154 201 14 112 2 142 3

Ro ma nia ............ . 642 640 2 160 480 26 - 155 443 8 4 3 1 - -

Rus sia 4............. . 3,092 3,085 7 1,160 1,925 233 19 550 2,100 6 17 123 5 32 6

Spain ............... . 21,681 20,487 1,194 6,649 13,838 294 2,215 1,871 13,481 942 103 799 46 736 674

Swe den ............. . 3,774 3,285 489 1,328 1,957 59 322 1,248 635 88 19 67 86 761 316

Swit zer land .......... . 51,875 48,613 3,262 30,152 18,461 478 1,606 7,052 12,828 23,809 289 752 1,001 798 5,028

Tur key .............. . 4,445 4,264 181 2,503 1,761 117 424 1,695 1,054 280 16 435 30 213 18

United King dom....... . 228,494 204,843 23,651 185,798 19,045 1,977 23,358 2,629 22,530 126,756 2,171 2,183 1,074 22,165 6,666

Yu go sla via 5.......... . 253 253 - 252 1 7 10 - 167 - 1 12 - 56 1

Other Eu rope......... . 11,630 10,816 814 9,466 1,350 186 4,673 500 4,836 366 25 174 24 32 664

To tal Eu rope ........ . 504,726 450,599 54,127 322,584 128,015 7,096 51,482 46,438 104,601 183,505 4,024 7,576 3,224 42,653 19,161

Can ada............... . 32,584 28,566 4,018 19,698 8,868 498 1,819 2,172 3,978 10,349 663 1,730 217 7,140 181

Latin Amer ica 

and Ca rib bean:

Ar gen tina ............ . 18,426 18,384 42 14,388 3,996 268 7,066 1,873 2,949 286 626 4,721 185 410 944

Ba ha mas ............ . 125,885 122,806 3,079 96,655 26,151 161 1,872 312 23,554 89,522 268 1,629 507 4,981 657

Ber muda ............ . 8,063 7,920 143 4,283 3,637 182 602 459 1,924 46 64 160 383 4,100 42

Brazil ............... . 19,248 18,496 752 14,834 3,662 298 3,401 1,491 7,765 770 626 3,546 237 362 156

British West In dies..... . 308,689 298,530 10,159 178,985 119,545 121 3,791 99 106,412 148,306 631 6,892 2,667 29,611 1,116

Chile ............... . 5,865 5,725 140 5,005 720 299 635 216 1,106 714 269 1,988 45 453 89

Co lom bia ............ . 4,479 4,463 16 4,192 271 51 168 - 848 269 328 2,600 13 186 214

Cuba ............... . 62 62 - 62 - 1 - - 7 - - 44 - 10 -

Ec ua dor............. . 1,547 1,540 7 1,191 349 73 35 - 541 67 146 614 12 52 15

Gua te mala........... . 1,243 1,241 2 1,103 138 64 78 2 167 43 123 723 3 38 58

Ja maica ............. . 566 541 25 522 19 34 147 3 162 23 34 136 - 2 1

Mex ico .............. . 36,907 35,681 1,226 20,694 14,987 140 3,538 9,787 7,267 1,905 1,166 10,114 408 1,356 445

Neth er lands An til les.... . 8,787 8,588 199 7,752 836 77 181 13 275 311 68 680 565 6,418 76

Pan ama ............. . 3,834 3,826 8 3,315 511 84 295 12 428 674 147 1,652 147 387 58

Peru ................ . 851 843 8 800 43 41 19 - 68 40 86 548 13 28 21

Trin i dad and To bago ... . 484 483 1 463 20 25 121 - 155 15 22 136 - 9 5

Uru guay............. . 2,299 2,277 22 2,079 198 59 20 35 492 724 76 760 31 80 51

Ven e zuela ........... . 19,610 19,303 307 15,015 4,288 334 2,092 2,700 2,915 225 1,295 9,133 117 492 112

Other Latin Amer ica 

and Ca rib bean ...... . 9,421 9,358 63 8,354 1,004 318 2,004 353 1,746 346 670 3,452 36 433 228

To tal Latin Amer ica 

and Ca rib bean ..... . 576,266 560,067 16,199 379,692 180,375 2,630 26,065 17,355 158,781 244,286 6,645 49,528 5,369 49,408 4,288
70 CAPI TAL MOVE MENTS

1

 These data as of June 30, 1998. 2

 Ex cludes ne go tia ble time cer tifi cates of de posit, which are in cluded in “Other li abili ties.” 3

 U.S. Treas ury bills and cer tifi cates held in cus tody for the ac count of oil- exporting countries in “Other Asia” and “Other Af rica” amount to $1,737 mil lion. 

4

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer 

U.S.S.R. are re ported un der “Other Eu rope.”

5

 In cludes data on Ser bia and Mon te ne gro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the former Yugo sla via rec og nized as in depend ent states by the United States are re ported un der “Other Europe” as fol lows:

Be gin ning in De cem ber 1992 for Bos nia and Her ze go vina, Croa tia and Slove nia; and be gin -

ning in June 1994 for the For mer Yugo slav Re pub lic of Ma ce do nia.

TA BLE CM- I-4.—To tal Li abili ties by Type and Coun try, Sept. 30, 1998, Pre limi nary, con.

[Po si tion in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Asia:

China:

Main land ....... . 18,523 18,523 - 4,943 13,580 284 1,179 4,478 10,298 1,540 45 312 24 363 55

Tai wan ........ . 12,098 12,080 18 8,947 3,133 292 2,205 2,684 3,828 581 244 1,992 98 156 145

Hong Kong....... . 18,155 16,627 1,528 12,888 3,739 467 1,433 155 4,675 4,916 334 2,897 446 1,304 14

In dia............ . 5,147 5,144 3 2,786 2,358 328 27 1,711 931 1,621 34 174 1 317 30

In do ne sia ........ . 5,495 5,470 25 3,566 1,904 305 16 1,863 2,091 797 55 288 1 54 2

Is rael ........... . 5,986 5,984 2 2,873 3,111 186 191 2,875 696 873 74 986 40 63 68

Ja pan........... . 153,686 142,757 10,929 80,260 62,497 1,036 2,110 56,634 10,039 68,461 609 808 702 2,358 3,016

Ko rea ........... . 13,034 12,986 48 6,394 6,592 278 631 614 6,825 4,177 42 215 23 181 18

Leb a non......... . 1,208 1,208 - 1,176 32 49 481 - 560 18 10 59 13 18 1

Ma lay sia ........ . 2,048 2,048 - 1,536 512 165 105 484 639 335 13 303 3 1 1

Pa ki stan ......... . 1,262 1,255 7 1,139 116 105 55 66 131 827 20 45 - 6 2

Phil ip pines ....... . 3,092 2,712 380 1,951 761 422 86 110 1,218 99 96 551 2 128 17

Sin ga pore ....... . 21,701 21,091 610 19,538 1,553 1,064 4,155 886 2,253 12,214 185 184 63 87 5

Syria ........... . 42 42 - 38 4 5 2 - 5 - 4 22 3 1 1

Thai land......... . 6,667 6,664 3 1,229 5,435 293 57 5,402 447 325 28 107 1 4 2

Other Asia ....... . 21,598 21,032 566 16,769 4,263 770 2,539 2,782 7,185 6,378 146 548 68 616 100

To tal Asia ...... . 289,742 275,623 14,119 166,033 109,590 6,049 15,272 80,744 51,821 103,162 1,939 9,491 1,488 5,657 3,477

Af rica:

Egypt ........... . 1,618 1,616 2 1,240 376 64 122 314 623 300 15 167 1 10 10

Ghana .......... . 196 196 - 193 3 35 10 - 125 10 6 5 - 5 -

Li be ria .......... . 377 374 3 197 177 1 - - 2 - 16 172 114 69 10

Mo rocco......... . 92 88 4 87 1 29 6 - 36 7 2 8 - - -

South Af rica ...... . 2,659 2,658 1 1,396 1,262 334 5 1,250 687 189 65 70 6 52 2

Zaire ........... . 6 6 - 6 - 3 - - - 1 2 - - - -

Other Af rica ...... . 6,250 6,160 90 5,304 856 1,949 640 818 1,855 364 208 209 1 116 9

To tal Af rica ..... . 11,198 11,098 100 8,423 2,675 2,415 783 2,382 3,328 871 314 631 122 252 31

Other coun tries:

Aus tra lia......... . 6,478 6,427 51 4,136 2,291 683 288 533 3,980 115 93 166 13 556 252

All other ........ . 1,029 1,017 12 900 117 35 2 85 535 121 64 145 21 9 1

To tal other 

coun tries...... . 7,507 7,444 63 5,036 2,408 718 290 618 4,515 236 157 311 34 565 253

To tal for eign 

coun tries .... . 1,422,023 1,333,397 88,626 901,466 431,931 19,406 95,711 149,709 327,024 542,409 13,742 69,267 10,454 105,675 27,391

In ter na tional and 

re gional orgs.:

In ter na tional...... . 14,193 12,769 1,424 12,583 186 382 5,140 186 7,061 - - - - - -

Eu ro pean re gional . . 320 320 - 121 199 14 78 199 29 - - - - - -

Latin Amer i can 

re gional ........ . 869 800 69 777 23 10 530 - 260 - - - - - -

Asian re gional .... . 1,161 1,161 - 266 895 1 1 50 1,109 - - - - - -

Af ri can re gional ... . 149 149 - 99 50 1 11 - 137 - - - - - -

Mid dle East ern 

re gional ........ .

- - - - - - - - - - - - - - -

To tal in ter na tional 

and re gional ... . 16,692 15,199 1,493 13,846 1,353 408 5,760 435 8,596 - - - - - -

Country

To tal liabilities

Li abili ties pay able in dollars

Totals

To for eign of fi cial in sti tu tions and un af -

fili ated for eign banks

Li abili ties 

to banks’

own foreign

offices

To all other foreigners

Memo -

ran dum 

To tal

Pay able

in dol lars

Pay able

in for eign 

cur ren -

cies

1

De posits 

Shortterm U.S.

Trea sury

ob li ga -

tions

3

Other

liabilities

De posits 

Short-term

U.S. Treasury ob li ga -

tions

3

Other

liabilities

Ne go tia -

ble CD’s

held for

all foreign ers 

Banks’

own

liabilities

Cus tody

liabilities Demand Time

2 Demand Time2

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
CAPI TAL MOVE MENTS 71

CHART CM-A.—U.S. Li abili ties to For eign ers

Re ported by U.S. Banks, Bro kers, and Deal ers

with Re spect to Se lected Coun tries

(In bil lions of dol lars)

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom. ......................... . 187,081 161,112 182,035 212,790 228,494 

All other Eu rope. ......................... . 253,586 261,083 259,163 275,437 276,232 

Ca rib bean bank ing centers

1

................ . 361,659 360,351 366,503 414,613 455,258 

Ja pan. ................................. . 87,304 139,056 138,148 172,352 153,686 

All other Asia ............................ . 92,999 135,110 133,172 128,570 136,056 

Sub to tal .............................. . 982,629 1,056,712 1,079,021 1,203,762 1,249,726 

All other coun tries. ....................... . 121,625 152,550 186,534 197,448 188,989 

Grand to tal ............................ . 1,104,254 1,209,262 1,265,555 1,401,210 1,438,715 
72 CAPI TAL MOVE MENTS

SEC TION II.—Claims on For eign ers Re ported by Banks in the United States

TA BLE CM- II-1.—To tal Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

 

 Cal en dar year 1996 1997 1998

Type of claim 1995 Dec. Mar. r June Sept. Dec. r Mar. June p

Total claims ....................... . 735,372 820,915 881,391 909,296 926,692 944,128 932,257 956,667

Payable in dollars ................. . 655,211 743,919 798,472 813,740 825,444 852,899 842,354 881,218

Banks’ own claims on foreigners .... . 532,444 599,925 636,500 651,483 655,451 708,272 687,541 727,942

Foreign public borrowers .......... . 22,518 22,216 28,770 29,400 28,875 20,660 28,232 27,780

Un af fil i ated for eign banks:

Deposits .................... . 37,771 33,826 39,273 37,646 31,178 31,042 25,553 22,843

Other ....................... . 63,824 79,856 79,175 81,899 73,566 78,182 82,137 84,682

Own foreign offices ............... . 307,427 341,574 360,341 379,426 374,452 431,685 402,387 435,201

All other foreigners ............... . 100,904 122,453 128,941 123,112 147,380 146,703 149,232 157,436

Claims of banks’

domestic customers ............. . 122,767 143,994 161,972 162,257 169,993 144,627 154,813 153,276

Deposits ...................... . 58,519 77,657 95,147 94,591 100,460 73,110 85,406 86,408

Ne go tia ble and readily

transferable instruments ........ . 44,161 51,207 49,518 50,301 51,514 53,967 51,594 52,171

Collections and other ............ . 20,087 15,130 17,307 17,365 18,019 17,550 17,813 14,697

Payable in foreign currencies ........ . 80,161 76,996 82,919 95,556 101,248 91,229 89,903 75,449

Banks’ own claims on foreigners .... . 74,016 66,018 72,731 85,305 91,158 83,038 81,977 68,095

Claims of banks’

domestic customers ............. . 6,145 10,978 10,188 10,251 10,090 8,191 7,926 7,354

Mem o ran da:

Claims reported by IBFs ............ . 255,035 261,076 273,605 276,151 276,511 302,813 277,768 271,159

Payable in dollars ................ . 202,411 219,600 229,561 232,366 229,642 256,342 232,016 239,741

Payable in foreign currencies ....... . 52,624 41,476 44,044 43,785 46,869 46,471 45,752 31,418

Customer liability on acceptances ..... . 8,410 10,388 11,212 11,452 10,881 9,624 7,495 6,604

Claims with re main ing 

 ma tu rity of 1 year or less:

On foreign public borrowers ......... . 14,995 15,411 19,935 17,979 20,123 12,069 16,965 17,023

On all other unaffiliated foreigners..... . 163,862 196,448 203,905 192,918 197,858 193,790 197,967 194,006

Claims with re main ing 

 ma tu rity of more than 1 year:

On foreign public borrowers ......... . 7,522 6,790 8,835 11,406 8,752 8,525 11,263 10,651
CAPI TAL MOVE MENTS 73

TA BLE CM- II-2.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Eu rope:

Austria ..................... . 1,961 3,611 5,081 5,558 4,659 4,731 4,728 4,606

Belgium-Luxembourg.......... . 12,124 11,264 12,920 13,268 14,404 10,850 10,474 12,013

Bulgaria .................... . 7 66 3 2 1 1 2 4

Czech Republic .............. . 166 172 621 192 263 867 247 255

Denmark ................... . 2,027 3,125 2,574 3,808 3,433 2,713 3,110 3,886

Finland..................... . 1,569 1,143 1,797 1,617 2,163 1,477 2,066 1,498

France ..................... . 24,031 29,148 39,307 30,172 32,612 28,903 34,187 29,397

Germany ................... . 20,814 21,535 25,654 30,705 30,367 31,030 38,904 40,109

Greece..................... . 923 948 1,142 1,189 856 696 927 650

Hungary .................... . 24 61 95 53 62 87 60 37

Ireland ..................... . 1,143 1,824 2,461 2,150 2,695 3,168 5,021 4,077

Italy ....................... . 8,789 9,868 10,429 12,578 11,476 10,108 12,555 13,078

Netherlands ................. . 9,200 10,600 13,939 17,716 18,651 13,883 13,748 14,166

Norway..................... . 735 1,020 1,865 1,203 2,233 826 1,500 1,928

Poland ..................... . 1,474 1,142 2,561 883 2,030 1,438 1,981 1,805

Portugal .................... . 1,042 553 645 727 1,214 929 745 1,099

Romania ................... . 179 175 164 167 237 145 146 52

Russia 1..................... . 1,069 2,725 3,530 3,680 3,922 1,319 1,192 1,077

Spain ...................... . 3,842 4,503 8,311 8,011 7,082 6,513 8,996 10,020

Sweden .................... . 9,367 6,738 8,842 8,366 8,276 8,123 9,213 10,642

Switzerland ................. . 18,568 26,692 30,241 31,116 37,402 39,351 39,422 41,823

Turkey ..................... . 2,834 3,053 3,199 2,974 3,683 4,381 3,841 4,549

United Kingdom.............. . 103,375 129,301 147,623 142,428 141,063 151,645 141,477 161,313

Yugoslavia 2................. . 150 115 87 75 78 52 61 53

Other Europe ................ . 3,901 4,378 4,336 4,389 5,747 5,400 4,816 6,719

Total Europe ............... . 229,314 273,760 327,427 323,027 334,609 328,636 339,419 364,856

Canada...................... . 35,840 43,948 59,386 60,857 48,167 51,058 52,241 50,593

Latin Amer ica and Caribbean:

Argentina ................... . 6,759 7,779 7,321 7,982 8,087 9,800 9,586 9,228

Bahamas ................... . 61,477 74,332 70,187 70,214 71,267 94,458 84,880 83,235

Bermuda ................... . 6,226 5,172 7,105 8,390 9,919 9,355 9,822 10,134

Brazil ...................... . 14,826 21,714 19,818 21,569 21,518 23,825 27,513 26,484

British West Indies ............ . 148,626 135,411 135,247 158,780 179,534 171,475 182,918 210,947

Chile....................... . 5,184 5,356 6,123 5,941 6,596 8,284 8,399 8,735

Colombia ................... . 4,892 7,345 6,383 6,580 6,793 7,147 6,969 7,193

Cuba ...................... . - - - - - - - -

Ecuador .................... . 846 1,056 1,174 1,159 1,241 1,332 1,499 1,450

Guatemala .................. . 472 632 660 691 808 930 944 968

Jamaica .................... . 329 352 838 343 380 430 372 326

Mexico ..................... . 21,375 22,042 22,450 22,850 22,305 21,861 23,066 22,929

Netherlands Antilles........... . 9,850 25,774 19,031 14,518 20,552 18,071 17,790 14,378

Panama .................... . 3,347 2,886 3,322 3,469 3,793 4,636 4,316 4,429

Peru ....................... . 1,880 2,764 2,535 2,620 3,085 3,520 3,643 4,110

Trinidad and Tobago .......... . 485 531 608 687 824 854 498 519

Uruguay .................... . 534 654 786 754 781 670 958 988

Venezuela .................. . 2,536 2,358 2,227 2,428 2,361 2,715 2,685 2,716

Other Latin America 

and Caribbean ............. . 2,982 2,745 2,942 3,135 2,663 3,380 3,264 3,846

Cal en dar year 1996 1997 1998

Coun try 1995 Dec. Mar. r June Sept. Dec. r Mar. June p
74 CAPI TAL MOVE MENTS

TA BLE CM- II-2.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former 

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya and Ni ge ria.

Asia:

China:

Mainland .................. . 1,176 1,601 1,638 2,280 3,059 1,775 2,971 2,077

Taiwan ................... . 1,836 2,068 1,843 2,021 1,373 1,061 892 985

Hong Kong.................. . 16,770 16,261 17,901 20,848 19,013 17,850 15,546 16,828

India ....................... . 1,946 2,140 2,433 2,532 2,336 2,507 2,169 2,166

Indonesia ................... . 2,016 2,213 2,549 3,014 3,248 3,102 2,698 2,218

Israel ...................... . 5,345 4,935 4,886 4,757 5,022 4,753 4,761 4,529

Japan...................... . 98,745 92,172 89,812 91,083 83,158 86,750 71,277 51,898

Korea ...................... . 14,324 19,425 20,444 21,409 20,517 18,775 11,801 11,197

Lebanon.................... . 44 50 54 49 52 62 60 37

Malaysia.................... . 1,170 1,162 1,307 1,481 1,099 899 985 1,080

Pakistan .................... . 571 941 1,120 1,529 1,682 708 754 994

Philippines .................. . 1,449 1,848 1,726 2,272 1,723 1,877 1,912 1,579

Singapore .................. . 6,383 9,061 10,537 9,773 12,587 11,308 8,770 7,447

Syria....................... . 94 1 2 - 74 3 3 3

Thailand .................... . 2,806 2,964 3,704 3,688 2,781 2,523 2,264 1,972

Oil-exporting countries 3........ . 10,562 11,375 10,892 9,824 8,485 11,502 9,544 9,084

Other Asia .................. . 484 368 460 487 341 576 251 327

Total Asia ................. . 165,721 168,585 171,308 177,047 166,550 166,031 136,658 114,421

Af rica:

Egypt ...................... . 233 265 272 359 284 281 314 309

Ghana ..................... . 18 24 18 22 47 25 31 27

Liberia ..................... . 550 574 534 446 579 521 536 568

Morocco .................... . 720 777 700 839 747 709 699 460

South Africa ................. . 606 744 600 723 834 960 719 813

Zaire....................... . 1 26 1 - - - - -

Oil-exporting countries 4........ . 654 476 641 1,177 1,155 1,271 1,398 313

Other Africa ................. . 682 587 624 518 467 436 485 275

Total Africa ................ . 3,464 3,473 3,390 4,084 4,113 4,203 4,182 2,765

Other coun tries:

Australia.................... . 4,919 7,799 6,757 8,011 7,351 7,554 7,006 7,821

All other .................... . 1,557 1,821 2,831 2,225 1,349 1,414 675 671

Total other 

countries................. . 6,476 9,620 9,588 10,236 8,700 8,968 7,681 8,492

Total foreign 

countries ............... . 733,441 818,289 879,856 907,361 924,646 941,639 929,303 953,742

In ter na tional and re gional orgs.:

International................. . 1,837 2,416 1,351 1,768 1,875 2,233 2,741 2,787

European regional ............ . - 1 10 - 2 - 4 3

Latin American regional ........ . 94 209 174 167 169 255 203 121

Asian regional ............... . - - - - - - - 5

African regional .............. . - - - - - - - -

Middle Eastern regional ........ .

- - - - - 1 6 9

Cal en dar year 1996 1997 1998

Coun try 1995 Dec. Mar. r June Sept. Dec. r Mar. June p
CAPI TAL MOVE MENTS 75

TA BLE CM- II-3.—To tal Claims on For eign ers by Type and Coun try, June 30, 1998

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Re port ing banks’ own claims

On for eign

pub lic borrow ers and

un af fil i ated

foreigners

On own foreign offices

Pay able in

for eign

currencies

Memorandum Claims of banks’ do mes tic customers

Coun try To tal claims

To tal banks’

own claims

Cus tom ers’

li abil ity on

ac cep tan ces To tal

Pay able in

dollars

Pay able in

for eign

currencies

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Eu rope:

Austria ............... . 4,606 1,407 1,253 6 148 - 3,199 3,191 8

Belgium-Luxembourg.... . 12,013 9,698 5,932 1,850 1,916 - 2,315 2,223 92

Bulgaria .............. . 4 4 4 - - - - - -

Czech Republic ........ . 255 236 117 99 20 2 19 - 19

Denmark ............. . 3,886 1,383 642 556 185 - 2,503 2,492 11

Finland............... . 1,498 1,421 115 1,031 275 - 77 56 21

France ............... . 29,397 17,597 7,657 7,817 2,123 35 11,800 11,489 311

Germany ............. . 40,109 22,681 8,491 7,260 6,930 3 17,428 16,903 525

Greece............... . 650 409 349 15 45 1 241 227 14

Hungary .............. . 37 32 23 - 9 - 5 - 5

Ireland ............... . 4,077 3,813 1,866 1,140 807 - 264 258 6

Italy ................. . 13,078 11,267 3,622 2,813 4,832 3 1,811 1,622 189

Netherlands ........... . 14,166 6,533 4,306 1,457 770 22 7,633 7,518 115

Norway .............. . 1,928 719 674 6 39 - 1,209 1,182 27

Poland ............... . 1,805 1,733 1,683 48 2 1 72 3 69

Portugal .............. . 1,099 1,047 777 111 159 7 52 40 12

Romania ............. . 52 51 51 - - - 1 1 -

Russia 1............... . 1,077 1,077 903 154 20 9 - - -

Spain ................ . 10,020 7,365 3,685 1,875 1,805 1 2,655 2,604 51

Sweden .............. . 10,642 3,446 1,495 1,574 377 1 7,196 7,130 66

Switzerland ........... . 41,823 36,779 2,305 32,665 1,809 56 5,044 4,862 182

Turkey ............... . 4,549 2,502 2,285 129 88 198 2,047 1,525 522

United Kingdom........ . 161,313 127,407 37,327 72,428 17,652 91 33,906 31,919 1,987

Yugoslavia 2........... . 53 53 53 - - - - - -

Other Europe .......... . 6,719 4,740 3,831 797 112 3 1,979 1,968 11

Total Europe ......... . 364,856 263,400 89,446 133,831 40,123 433 101,456 97,213 4,243

Canada................ . 50,593 37,209 11,329 21,374 4,506 2 13,384 12,519 865

Latin Amer ica 

and Ca rib bean:

Argentina ............. . 9,228 8,835 7,590 928 317 69 393 351 42

Bahamas ............. . 83,235 81,563 11,874 65,721 3,968 72 1,672 1,672 -

Bermuda ............. . 10,134 9,851 9,351 101 399 16 283 283 -

Brazil ................ . 26,484 25,021 18,902 5,650 469 755 1,463 1,298 165

British West Indies ...... . 210,947 188,226 39,955 136,870 11,401 206 22,721 22,613 108

Chile ................ . 8,735 8,643 8,201 296 146 4 92 69 23

Colombia ............. . 7,193 7,167 6,869 233 65 39 26 26 -

Cuba ................ . - - - - - - - - -

Ecuador .............. . 1,450 1,435 1,339 91 5 45 15 15 -

Guatemala ............ . 968 959 807 125 27 20 9 9 -

Jamaica .............. . 326 320 303 17 - - 6 6 -

Mexico ............... . 22,929 21,017 20,010 361 646 474 1,912 892 1,020

Netherlands Antilles..... . 14,378 14,361 9,610 4,684 67 - 17 17 -

Panama .............. . 4,429 4,364 2,204 2,029 131 71 65 65 -

Peru ................. . 4,110 4,100 3,501 464 135 34 10 9 1

Trinidad and Tobago .... . 519 517 506 8 3 - 2 2 -

Uruguay .............. . 988 978 561 398 19 5 10 10 -

Venezuela ............ . 2,716 2,661 2,404 91 166 23 55 53 2

Other Latin America 

and Caribbean ....... . 3,846 3,797 3,562 198 37 81 49 48 1
76 CAPI TAL MOVE MENTS

TA BLE CM- II-3.—To tal Claims on For eign ers by Type and Coun try, June 30, 1998, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Re port ing banks’ own claims

On for eign

pub lic borrow ers and

un af fili ated

foreigners

On own foreign offices

Pay able in

for eign

currencies

Memorandum Claims of banks’ do mes tic customers

Coun try To tal claims

To tal banks’

own claims

Cus tomers’

li abil ity on

acceptances To tal

Pay able in

dollars

Pay able in

for eign

currencies

(1) (2) (3) (4) (5) (6) (7) (8) (9)

Asia:

China:

Mainland ........... . 2,077 1,990 1,718 271 1 120 87 87 -

Taiwan............. . 985 846 398 437 11 11 139 50 89

Hong Kong ........... . 16,828 14,291 5,405 7,466 1,420 80 2,537 2,492 45

India ................ . 2,166 1,982 1,787 185 10 426 184 146 38

Indonesia ............ . 2,218 2,176 2,000 98 78 28 42 13 29

Israel ............... . 4,529 970 504 450 16 - 3,559 3,554 5

Japan ............... . 51,898 45,745 6,263 36,747 2,735 458 6,153 5,795 358

Korea ............... . 11,197 11,079 8,803 2,198 78 2,469 118 96 22

Lebanon ............. . 37 33 31 2 - 15 4 4 -

Malaysia............. . 1,080 1,054 876 147 31 3 26 15 11

Pakistan ............. . 994 984 482 494 8 15 10 3 7

Philippines ........... . 1,579 1,545 1,348 193 4 114 34 32 2

Singapore............ . 7,447 6,068 2,075 3,871 122 18 1,379 1,359 20

Syria................ . 3 - - - - - 3 3 -

Thailand ............. . 1,972 1,911 539 1,350 22 203 61 59 2

Other Asia ........... . 9,411 9,238 3,909 4,757 572 153 173 172 1

Total Asia .......... . 114,421 99,912 36,138 58,666 5,108 4,113 14,509 13,880 629

Af rica:

Egypt ............... . 309 290 225 58 7 49 19 13 6

Ghana .............. . 27 26 26 - - - 1 - 1

Liberia .............. . 568 533 523 - 10 - 35 35 -

Morocco ............. . 460 438 428 2 8 4 22 19 3

South Africa .......... . 813 697 627 26 44 23 116 28 88

Zaire................ . - - - - - - - - -

Other Africa .......... . 588 570 545 24 1 5 18 13 5

Total Africa ......... . 2,765 2,554 2,374 110 70 81 211 108 103

Other coun tries:

Australia ............. . 7,821 5,644 2,677 2,762 205 55 2,177 2,071 106

All other ............. . 671 584 313 193 78 5 87 41 46

Total other 

countries .......... . 8,492 6,228 2,990 2,955 283 60 2,264 2,112 152

Total foreign 

countries ........ . 953,742 793,118 289,826 435,201 68,091 6,603 160,624 153,270 7,354

In ter na tional 

 and re gional orgs.:

International .......... . 2,787 2,781 2,778 - 3 1 6 6 -

European regional ..... . 3 3 2 - 1 - - - -

Latin American regional . . 121 121 121 - - - - - -

Asian regional ........ . 5 5 5 - - - - - -

African regional ....... . - - - - - - - - -

Middle Eastern regional . . 9 9 9 - - - - - -

Total international 

and regional ....... . 2,925 2,919 2,915 - 4 1 6 6 -
CAPI TAL MOVE MENTS 77

CHART CM-B.—U.S. Claims on For eign ers

Re ported by U.S. Banks, Bro kers, and Deal ers

with Re spect to Se lected Coun tries

(In bil lions of dol lars)

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Coun try 1994 1995 1996 1997 June 1998

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom ......................... . 96,820 103,375 129,301 151,645 161,313 

All other Eu rope. ........................ . 107,991 125,939 144,459 176,991 203,535 

Ca rib bean bank ing centers

1

. ............... . 208,408 229,526 243,575 297,995 323,120 

Ja pan. ................................ . 93,647 98,745 92,172 86,750 51,891 

All other Asia............................ . 58,836 66,976 76,413 79,281 62,523 

Sub to tal .............................. . 565,702 624,561 685,920 792,662 802,382 

All other coun tries. ....................... . 107,701 110,811 134,995 151,466 154,267 

Grand to tal ........................... . 673,403 735,372 820,915 944,128 956,649 
78 CAPI TAL MOVE MENTS

SEC TION III.—Sup ple men tary Li abili ties and Claims Data

Re ported by Banks in the United States

TA BLE CM- III-1.—Dol lar Li abili ties to, and Dol lar Claims on, For eign ers

in Coun tries and Ar eas Not Regu larly Re ported Sepa rately

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

* Less than $500,000. 

 Note.—Data rep re sent a par tial break down of the amounts shown for the cor re spond ing

dates for the “Other” geo graphi cal cate go ries in the regu lar monthly se ries in the “Treasury Bul le tin.”

To tal li a bil i ties To tal banks’ own claims

 Cal en dar year 1998 Cal en dar year 1998

Coun try 1996 1997 June 1996 1997 June

Other Eu rope:

Cyprus ............................. . 170 155 321 54 58 n.a.

Iceland ............................. . n.a. 83 n.a. n.a. n.a. 16

Monaco ............................ . 607 471 344 n.a. n.a. n.a.

Other Latin Amer ica and Ca rib bean:

Aruba .............................. . 145 177 175 7 18 23

Barbados ........................... . 1,033 1,079 1,457 65 119 354

Belize.............................. . 94 195 97 52 14 16

Bolivia ............................. . 779 833 886 371 426 530

Costa Rica .......................... . 990 1,341 1,298 233 361 448

Dominica ........................... . 8 10 31 37 n.a. n.a.

Dominican Republic................... . 1,130 1,303 1,234 454 518 614

El Salvador ......................... . 1,159 1,170 1,252 621 845 733

French West Indies and French Guiana ... . 27 33 30 n.a. n.a. n.a.

Haiti ............................... . 441 360 383 30 29 29

Honduras ........................... . 748 1,019 1,157 230 335 306

Nicaragua .......................... . 101 118 135 14 47 42

Paraguay ........................... . 681 698 719 182 183 203

Suriname ........................... . 101 121 142 n.a. 51 43

Other Asia:

Afghanistan ......................... . 45 56 n.a. n.a. n.a. n.a.

Burma ............................. . 3 10 5 n.a. - n.a.

Jordan ............................. . 243 290 229 80 95 87

Macau ............................. . n.a. 114 n.a. n.a. - -

Sri Lanka ........................... . 210 257 292 94 52 49

Yemen ............................. . 155 128 158 n.a. 7 n.a.

Other Af rica:

Angola ............................. . 197 282 242 15 n.a. n.a.

Cameroon .......................... . 16 20 28 n.a. n.a. 18

Ethiopia ............................ . 185 183 n.a. n.a. 2 n.a.

Guinea ............................. . 7 n.a. 57 n.a. n.a. n.a.

Ivory Coast ......................... . 50 59 74 19 n.a. 8

Kenya ............................. . 118 179 206 45 24 23

Madagascar......................... . n.a. n.a. 21 n.a. - -

Mauritius ........................... . 52 55 93 9 n.a. n.a.

Mozambique ........................ . 91 129 90 n.a. n.a. n.a.

Niger .............................. . 6 5 4 - n.a. n.a.

Rwanda ............................ . n.a. n.a. n.a. n.a. n.a. 1

Senegal ............................ . n.a. 23 15 n.a. n.a. n.a.

Somalia ............................ . 25 17 18 - - -

Sudan ............................. . 28 33 19 n.a. n.a. n.a.

Tanzania ........................... . 244 379 177 3 9 9

Tunisia ............................. . 73 n.a. 142 144 129 155

Uganda ............................ . n.a. 196 177 9 5 n.a.

Zambia............................. . 30 41 49 * 5 n.a.

Zimbabwe .......................... . 163 159 156 15 2 2

All other:
CAPI TAL MOVE MENTS 79

SEC TION IV.—Li abili ties to, and Claims on, For eign ers

Re ported by Non bank ing Busi ness En ter prises

in the United States

TA BLE CM- IV-1.—To tal Li abili ties and Claims by Type

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Cal en dar year 1997 1998

Type of li a bil ity or claim 1994 1995 1996 June r Sept. r Dec. r Mar. June p

Total liabilities...................... . 54,309 46,448 54,798 56,501 55,891 59,618 56,741 52,022

Payable in dollars ................. . 38,298 33,903 38,956 38,651 39,746 41,888 42,237 40,914

Financial ....................... . 18,818 12,903 11,327 11,442 11,487 12,975 13,547 12,634

Com mer cial:

Trade payables ................ . 8,860 9,996 11,683 10,121 9,944 9,599 9,074 8,878

Advance receipts and other ....... . 10,620 11,004 15,946 17,088 18,315 19,314 19,616 19,402

Payable in foreign currencies ........ . 16,011 12,545 15,842 17,850 16,145 17,730 14,504 11,108

Financial ....................... . 14,136 11,338 14,738 16,821 14,974 16,138 13,204 10,035

Com mer cial:

Trade payables ................ . 1,145 1,017 1,037 919 941 1,305 1,033 964

Advance receipts and other ....... . 730 190 67 110 230 287 267 109

Total claims ....................... . 57,888 52,509 63,642 68,266 70,760 70,077 72,837 64,020

Payable in dollars ................. . 53,805 48,711 58,630 62,082 64,144 62,173 65,359 58,463

Fi nan cial:

Deposits ...................... . 18,026 14,654 20,631 22,817 22,566 21,290 19,322 14,244

Other ........................ . 14,306 10,976 12,069 13,152 14,621 11,576 16,814 14,567

Com mer cial:

Trade receivables............... . 19,316 20,993 23,495 23,671 23,730 26,157 25,638 25,692

Advance payments and other ..... . 2,157 2,088 2,435 2,442 3,227 3,150 3,585 3,960

Payable in foreign currencies ........ . 4,083 3,798 5,012 6,184 6,616 7,904 7,478 5,557

Fi nan cial:

Deposits ...................... . 481 479 773 1,491 1,559 1,849 1,708 1,678

Other ........................ . 1,084 1,289 1,795 3,257 3,313 4,193 4,290 2,631

Com mer cial:

Trade receivables............... . 1,842 2,005 2,256 1,187 1,380 1,379 1,250 1,125
80 CAPI TAL MOVE MENTS

TA BLE CM- IV-2.—To tal Li abili ties by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Cal en dar year 1997 1998

Coun try 1993 1994 1995 1996 June r Sept. r Dec. r Mar. June p

Eu rope:

Austria ..................... . 58 70 44 67 97 160 112 126 128

Belgium-Luxembourg.......... . 414 736 700 1,111 974 792 852 692 632

Bulgaria .................... . 3 5 1 2 2 6 5 6 3

Czech Republic .............. . 8 6 26 22 24 96 38 40 31

Denmark ................... . 49 277 138 93 133 138 170 116 86

Finland..................... . 362 236 179 161 202 171 281 177 258

France ..................... . 3,194 2,455 1,480 1,771 1,988 2,116 2,448 2,635 2,577

Germany ................... . 1,659 2,565 2,741 2,836 2,610 2,675 3,292 3,646 3,660

Greece..................... . 252 196 89 72 75 40 89 157 245

Hungary .................... . 3 6 9 12 13 12 13 17 27

Ireland ..................... . 485 449 414 449 626 884 1,133 1,215 1,211

Italy ....................... . 485 359 374 911 827 878 923 1,011 1,125

Netherlands ................. . 1,222 1,274 966 1,322 754 959 933 915 969

Norway..................... . 359 176 209 424 312 264 271 285 337

Poland ..................... . 15 17 7 30 55 46 7 14 9

Portugal .................... . 24 35 35 33 40 36 36 29 30

Romania ................... . 6 8 3 9 14 113 165 203 220

Russia 1..................... . 60 84 177 105 53 99 115 184 179

Spain ...................... . 164 127 171 222 218 310 334 389 509

Sweden .................... . 286 242 233 204 182 238 244 190 240

Switzerland ................. . 1,009 1,015 1,308 1,323 1,020 1,045 1,151 752 538

Turkey ..................... . 104 109 118 129 81 158 285 182 292

United Kingdom.............. . 15,335 17,987 13,706 14,480 16,786 15,994 16,404 15,887 12,206

Yugoslavia 2................. . 9 12 6 9 9 7 6 5 8

Other Europe ................ . 36 30 188 165 118 125 159 86 126

Total Europe ............... . 25,601 28,476 23,322 25,962 27,213 27,362 29,466 28,959 25,646

Canada...................... . 1,738 1,666 1,672 2,491 2,752 1,801 3,567 2,392 2,050

Latin Amer ica and Ca rib bean:

Argentina ................... . 36 88 136 272 224 201 219 206 201

Bahamas ................... . 137 120 60 299 157 48 157 44 20

Bermuda ................... . 350 425 352 347 452 244 432 260 258

Brazil ...................... . 232 368 155 274 322 285 363 340 322

British West Indies ............ . 1,387 1,021 922 1,044 801 692 616 522 872

Chile....................... . 89 44 76 160 121 117 150 167 195

Colombia ................... . 34 19 63 123 143 101 120 182 160

Cuba ...................... . - - 1 5 2 2 - 3 1

Ecuador .................... . 18 33 26 27 44 26 22 19 22

Guatemala .................. . 6 8 4 12 15 23 30 28 7

Jamaica .................... . 6 14 18 16 13 17 18 13 4

Mexico ..................... . 498 574 428 682 609 638 591 541 608

Netherlands Antilles........... . 633 645 635 53 8 17 23 11 17

Panama .................... . 8 50 23 12 15 18 16 13 8

Peru ....................... . 13 30 21 44 34 23 30 33 25

Trinidad and Tobago .......... . 18 25 13 144 86 72 75 69 41

Uruguay .................... . 1 1 3 6 20 22 20 12 15

Venezuela .................. . 128 281 223 329 305 323 262 220 197

Other Latin America 

and Caribbean ............. . 218 145 364 393 414 422 418 333 632

Total Latin America 

and Caribbean ............ . 3,812 3,891 3,523 4,242 3,785 3,291 3,562 3,016 3,605
CAPI TAL MOVE MENTS 81

TA BLE CM- IV-2.—To tal Li abili ties by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all

other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia, and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya, and Ni ge ria.

Cal en dar year 1997 1998

Coun try 1993 1994 1995 1996 June r Sept. r Dec. r Mar. June p

Asia:

China:

Mainland .................. . 723 597 579 990 1,122 1,280 1,250 1,196 1,175

Taiwan ................... . 579 853 451 697 978 1,051 936 892 746

Hong Kong.................. . 785 805 646 610 721 712 760 861 520

India ....................... . 91 59 196 181 223 202 170 302 169

Indonesia ................... . 363 296 350 314 253 239 213 139 205

Israel ...................... . 229 141 99 205 205 207 185 174 287

Japan...................... . 9,201 11,869 8,751 10,483 10,098 10,278 9,585 9,139 7,864

Korea ...................... . 1,701 1,736 1,433 1,558 1,243 1,138 1,150 1,018 1,024

Lebanon.................... . 22 14 61 72 92 23 29 84 17

Malaysia.................... . 475 178 297 586 843 764 766 444 321

Pakistan .................... . 26 27 80 77 98 49 60 59 52

Philippines .................. . 57 50 60 110 183 223 222 271 260

Singapore .................. . 733 622 819 908 974 1,014 1,252 1,422 1,671

Syria....................... . 11 24 50 61 7 6 23 10 9

Thailand .................... . 259 194 392 473 359 479 405 345 376

Oil-exporting countries 3........ . 1,557 1,611 1,939 2,193 2,459 3,007 3,143 3,161 3,194

Other Asia .................. . 79 68 206 327 265 195 211 179 129

Total Asia ................. . 16,891 19,144 16,409 19,845 20,123 20,867 20,360 19,696 18,019

Af rica:

Egypt ...................... . 111 48 157 198 163 74 90 54 27

Ghana ..................... . 1 - 16 29 48 47 28 14 33

Liberia ..................... . 1 - - - 1 1 1 2 -

Morocco .................... . 41 29 24 21 23 46 49 56 65

South Africa ................. . 55 32 42 154 204 221 255 220 231

Zaire....................... . 1 1 - - 5 1 - - 5

Oil-exporting countries 4........ . 290 379 376 532 423 504 408 376 354

Other Africa ................. . 86 74 154 144 103 68 103 144 235

Total Africa ................ . 586 563 769 1,078 970 962 934 866 950

Other coun tries:

Australia.................... . 517 372 461 945 909 857 911 869 744

All other .................... . 148 153 230 125 646 639 810 932 997

Total other 

countries................. . 665 525 691 1,070 1,555 1,496 1,721 1,801 1,741

Total foreign 

countries ............... . 49,293 54,265 46,386 54,688 56,398 55,779 59,610 56,730 52,011

In ter na tional and re gional orgs.:

International................. . - - 2 55 55 55 - - -

European regional ............ . 18 44 60 55 43 46 8 11 11

Latin American regional ........ . - - - - 2 - - - -

Asian regional ............... . - - - - 3 10 - - -

African regional .............. . - - - - - 1 - - -

Middle Eastern regional ........ .

- - - - - - - - -

Total international 

and regional .............. . 18 44 62 110 103 112 8 11 11
82 CAPI TAL MOVE MENTS

TA BLE CM- IV-3.—To tal Li abili ties by Type and Coun try, June 30, 1998, Pre limi nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Fi nan cial liabilities

Coun try To tal liabilities Total Pay able in dollars

Pay able in for eign

currencies Com mer cial liabilities

(1) (2) (3) (4) (5)

Eu rope:

Austria ..................... . 128 2 1 1 126

Belgium-Luxembourg.......... . 632 75 56 19 557

Bulgaria .................... . 3 - - - 3

Czech Republic .............. . 31 - - - 31

Denmark ................... . 86 6 5 1 80

Finland..................... . 258 73 25 48 185

France ..................... . 2,577 1,965 1,323 642 612

Germany ................... . 3,660 2,441 1,902 539 1,219

Greece..................... . 245 155 155 - 90

Hungary .................... . 27 16 12 4 11

Ireland ..................... . 1,211 967 363 604 244

Italy ....................... . 1,125 427 82 345 698

Netherlands ................. . 969 484 362 122 485

Norway..................... . 337 30 3 27 307

Poland ..................... . 9 1 - 1 8

Portugal .................... . 30 22 21 1 8

Romania ................... . 220 - - - 220

Russia 1..................... . 179 16 11 5 163

Spain ...................... . 509 179 38 141 330

Sweden .................... . 240 35 1 34 205

Switzerland ................. . 538 189 70 119 349

Turkey ..................... . 292 157 156 1 135

United Kingdom.............. . 12,206 8,463 4,452 4,011 3,743

Yugoslavia 2................. . 8 - - - 8

Other Europe ................ . 126 19 3 16 107

Total Europe ............... . 25,646 15,722 9,041 6,681 9,924

Canada...................... . 2,050 539 221 318 1,511

Latin Amer ica and Ca rib bean:

Argentina ................... . 201 86 19 67 115

Bahamas ................... . 20 6 6 - 14

Bermuda ................... . 258 49 49 - 209

Brazil ...................... . 322 76 20 56 246

British West Indies ............ . 872 845 815 30 27

Chile....................... . 195 24 24 - 171

Colombia ................... . 160 2 1 1 158

Cuba ...................... . 1 - - - 1

Ecuador .................... . 22 6 3 3 16

Guatemala .................. . 7 - - - 7

Jamaica .................... . 4 - - - 4

Mexico ..................... . 608 51 14 37 557

Netherlands Antilles........... . 17 - - - 17

Panama .................... . 8 - - - 8

Peru ....................... . 25 2 - 2 23

Trinidad and Tobago .......... . 41 3 2 1 38

Uruguay .................... . 15 - - - 15

Venezuela .................. . 197 1 - 1 196

Other Latin America 

and Caribbean ............. . 632 169 168 1 463
CAPI TAL MOVE MENTS 83

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the for mer 

U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

TA BLE CM- IV-3.—To tal Li abili ties by Type and Coun try, June 30, 1998, Pre limi nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Fi nan cial liabilities

Coun try To tal liabilities Total Pay able in dollars

Pay able in for eign

currencies Com mer cial liabilities

(1) (2) (3) (4) (5)

Asia:

China:

Mainland .................. . 1,175 61 48 13 1,114

Taiwan ................... . 746 14 1 13 732

Hong Kong.................. . 520 23 13 10 497

India ....................... . 169 5 2 3 164

Indonesia ................... . 205 41 39 2 164

Israel ...................... . 287 96 95 1 191

Japan ...................... . 7,864 3,869 1,741 2,128 3,995

Korea ...................... . 1,024 13 12 1 1,011

Lebanon.................... . 17 4 4 - 13

Malaysia.................... . 321 5 2 3 316

Pakistan .................... . 52 - - - 52

Philippines .................. . 260 - - - 260

Singapore .................. . 1,671 270 269 1 1,401

Syria....................... . 9 - - - 9

Thailand .................... . 376 - - - 376

Other Asia .................. . 3,323 7 7 - 3,316

Total Asia ................. . 18,019 4,408 2,233 2,175 13,611

Af rica:

Egypt ...................... . 27 2 2 - 25

Ghana ..................... . 33 - - - 33

Liberia ..................... . - - - - -

Morocco .................... . 65 - - - 65

South Africa ................. . 231 17 - 17 214

Zaire....................... . 5 - - - 5

Other Africa ................. . 589 10 10 - 579

Total Africa ................ . 950 29 12 17 921

Other coun tries:

Australia.................... . 744 49 1 48 695

All other countries ............ . 997 602 5 597 395

Total other countries ........ . 1,741 651 6 645 1,090

Total foreign countries ...... . 52,011 22,669 12,634 10,035 29,342

In ter na tional and re gional orgs.:

International................. . - - - - -

European regional ............ . 11 - - - 11

Latin American regional ........ . - - - - -

Asian regional ............... . - - - - -

African regional .............. . - - - - -

Middle Eastern regional ........ .

- - - - -

Total international 

and regional .............. . 11 - - - 11
84 CAPI TAL MOVE MENTS

TA BLE CM- IV-4.—To tal Claims by Coun try

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Cal en dar year 1997 1998

Coun try 1993 1994 1995 1996 June Sept. Dec. Mar. June p

Eu rope:

Austria ..................... . 88 123 114 159 90 74 126 84 71

Belgium-Luxembourg.......... . 318 299 424 411 530 691 734 610 734

Bulgaria .................... . 32 37 29 19 16 19 32 17 15

Czech Republic .............. . 48 52 53 34 32 95 42 56 117

Denmark ................... . 103 81 107 101 72 105 155 75 107

Finland..................... . 171 173 185 173 135 179 211 180 256

France ..................... . 2,773 2,681 2,633 2,338 2,057 2,754 2,811 2,841 2,751

Germany ................... . 1,544 1,567 1,506 1,613 1,510 1,747 2,041 2,063 2,047

Greece..................... . 149 136 193 148 89 345 386 547 311

Hungary .................... . 6 72 50 17 59 57 62 64 69

Ireland ..................... . 416 315 290 274 267 297 277 288 241

Italy ....................... . 883 812 1,029 1,039 979 1,021 1,466 1,044 1,188

Netherlands ................. . 925 740 969 1,055 1,132 1,337 1,274 1,445 1,467

Norway..................... . 132 242 169 251 303 319 303 269 336

Poland ..................... . 116 122 78 108 111 119 124 113 104

Portugal .................... . 191 217 64 92 60 76 78 71 115

Romania ................... . 5 17 16 14 10 7 7 13 22

Russia 1..................... . 228 254 300 239 215 157 221 236 223

Spain ...................... . 459 484 537 645 601 665 623 624 591

Sweden .................... . 460 352 288 372 345 640 504 521 470

Switzerland ................. . 962 1,080 1,018 1,116 836 829 988 877 821

Turkey ..................... . 246 216 256 222 210 381 379 525 382

United Kingdom.............. . 5,962 7,205 6,959 9,065 12,650 14,158 15,946 15,950 14,249

Yugoslavia 2................. . 55 39 13 6 8 6 11 10 10

Other Europe ................ . 132 160 153 214 190 270 267 351 285

Total Europe ............... . 16,404 17,476 17,433 19,725 22,507 26,348 29,068 28,874 26,982

Canada...................... . 3,813 5,569 4,802 5,610 8,886 6,928 5,973 7,570 5,814

Latin Amer ica and Ca rib bean:

Argentina ................... . 299 347 396 617 633 719 688 773 863

Bahamas ................... . 1,347 2,433 1,995 1,487 2,093 2,464 2,486 1,329 1,322

Bermuda ................... . 307 261 353 415 385 318 352 304 407

Brazil ...................... . 1,114 1,132 1,728 2,771 2,753 2,602 2,475 2,536 2,577

British West Indies ............ . 12,770 15,311 10,472 15,372 13,651 13,055 10,420 13,639 8,263

Chile....................... . 221 229 248 374 313 303 327 330 315

Colombia ................... . 120 396 413 422 392 387 424 440 427

Cuba ...................... . 2 1 1 5 1 1 - - -

Ecuador .................... . 81 112 123 107 126 113 101 114 118

Guatemala .................. . 32 46 48 98 100 88 93 107 97

Jamaica .................... . 27 42 41 40 61 47 52 55 48

Mexico ..................... . 1,862 1,966 1,547 1,585 1,637 1,727 1,929 2,269 2,551

Netherlands Antilles........... . 37 65 32 114 141 110 153 138 28

Panama .................... . 90 102 156 109 123 118 145 132 126

Peru ....................... . 148 175 221 201 215 147 147 148 148

Trinidad and Tobago .......... . 26 27 36 25 26 32 20 40 24

Uruguay .................... . 8 25 32 42 47 44 49 38 36

Venezuela .................. . 454 383 317 388 472 433 612 488 642

Other Latin America 

and Caribbean ............. . 553 600 705 681 797 1,496 820 808 865
CAPI TAL MOVE MENTS 85

TA BLE CM- IV-4.—To tal Claims by Coun try, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data are for Rus sia only. Data for all

other re pub lics of the for mer U.S.S.R. are re ported un der “Other Eu rope.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and be gin -

ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia, and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya, and Ni ge ria.

Cal en dar year 1997 1998

Coun try 1993 1994 1995 1996 June Sept. Dec. Mar. June p

Asia:

China:

Mainland .................. . 378 526 696 992 1,115 1,148 1,076 880 873

Taiwan ................... . 411 512 532 511 724 700 814 849 737

Hong Kong.................. . 298 442 454 669 546 561 562 448 404

India ....................... . 147 202 323 402 423 447 439 460 375

Indonesia ................... . 354 423 367 665 599 549 704 690 736

Israel ...................... . 218 195 267 323 309 309 347 357 360

Japan...................... . 3,167 3,608 2,741 3,038 2,845 3,047 2,799 2,504 2,643

Korea ...................... . 549 650 933 822 767 725 988 916 866

Lebanon.................... . 65 58 48 41 38 34 37 48 27

Malaysia.................... . 477 457 496 560 551 568 547 472 414

Pakistan .................... . 32 40 42 99 66 32 44 40 34

Philippines .................. . 111 151 123 245 200 171 144 144 161

Singapore .................. . 390 427 573 781 648 787 779 647 588

Syria....................... . 5 6 12 7 4 15 11 3 7

Thailand .................... . 174 183 199 288 400 334 280 200 227

Oil-exporting countries 3........ . 707 849 977 993 1,034 1,002 1,118 996 1,139

Other Asia .................. . 188 124 108 161 125 162 157 158 152

Total Asia ................. . 7,671 8,853 8,891 10,597 10,394 10,591 10,846 9,812 9,743

Af rica:

Egypt ...................... . 137 261 160 155 144 152 286 307 126

Ghana ..................... . 7 7 16 15 27 43 9 6 9

Liberia ..................... . 19 9 13 29 32 9 8 7 11

Morocco .................... . 45 53 57 27 27 24 28 21 23

South Africa ................. . 108 142 321 277 289 271 322 253 310

Zaire....................... . 18 30 11 13 5 5 3 2 1

Oil-exporting countries 4........ . 73 67 92 180 96 223 134 138 131

Other Africa ................. . 185 258 260 224 177 211 209 204 201

Total Africa ................ . 592 827 930 920 797 938 999 938 812

Other coun tries:

Australia.................... . 945 1,218 1,310 1,536 1,449 1,384 1,485 1,497 1,409

All other .................... . 208 269 270 265 257 286 390 458 376

Total other 

countries................. . 1,153 1,487 1,580 1,801 1,706 1,670 1,875 1,955 1,785

Total foreign 

countries ............... . 49,131 57,865 52,500 63,506 68,256 70,679 70,054 72,837 63,993

In ter na tional and re gional orgs.:

International................. . 28 19 8 60 5 3 18 - 15

European regional ............ . - 4 1 58 5 23 5 - -

Latin American regional ........ . - - - 2 - 3 - - 12

Asian regional ............... . - - - 13 - 51 - - -

African regional .............. . - - - 3 - 1 - - -

Middle Eastern regional ........ .

- - - - - - - - -
86 CAPI TAL MOVE MENTS

TA BLE CM- IV-5.—To tal Claims by Type and Coun try, June 30, 1998, Pre limi nary

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

See foot notes at end of ta ble.

Eu rope:

Austria ..................... . 71 7 1 6 64

Belgium-Luxembourg.......... . 734 518 498 20 216

Bulgaria .................... . 15 9 9 - 6

Czech Republic .............. . 117 1 1 - 116

Denmark ................... . 107 48 5 43 59

Finland ..................... . 256 4 1 3 252

France ..................... . 2,751 796 683 113 1,955

Germany ................... . 2,047 290 251 39 1,757

Greece ..................... . 311 221 221 - 90

Hungary .................... . 69 51 44 7 18

Ireland ..................... . 241 157 152 5 84

Italy ....................... . 1,188 188 167 21 1,000

Netherlands ................. . 1,467 975 741 234 492

Norway..................... . 336 84 68 16 252

Poland ..................... . 104 49 36 13 55

Portugal .................... . 115 7 4 3 108

Romania ................... . 22 - - - 22

Russia 1..................... . 223 49 42 7 174

Spain ...................... . 591 80 53 27 511

Sweden .................... . 470 224 210 14 246

Switzerland ................. . 821 403 388 15 418

Turkey ..................... . 382 230 56 174 152

United Kingdom.............. . 14,249 9,595 8,132 1,463 4,654

Yugoslavia 2................. . 10 - - - 10

Other Europe ................ . 285 61 57 4 224

Total Europe ............... . 26,982 14,047 11,820 2,227 12,935

Canada ...................... . 5,814 3,035 2,727 308 2,779

Latin Amer ica and Ca rib bean:

Argentina ................... . 863 272 267 5 591

Bahamas ................... . 1,322 1,310 1,296 14 12

Bermuda ................... . 407 48 48 - 359

Brazil ...................... . 2,577 1,394 554 840 1,183

British West In dies ............ . 8,263 8,153 8,098 55 110

Chile....................... . 315 10 9 1 305

Colombia ................... . 427 58 32 26 369

Cuba ...................... . - - - - -

Ecuador .................... . 118 22 18 4 96

Guatemala .................. . 97 23 17 6 74

Jamaica .................... . 48 3 2 1 45

Mexico ..................... . 2,551 1,089 1,025 64 1,462

Netherlands Antilles ........... . 28 10 10 - 18

Panama .................... . 126 25 20 5 101

Peru ....................... . 148 11 9 2 137

Trinidad and Tobago .......... . 24 4 1 3 20

Uruguay .................... . 36 2 - 2 34

Venezuela .................. . 642 57 40 17 585

Other Latin America 

and Caribbean ............. . 865 284 268 16 581

Fi nan cial claims

Coun try To tal claims Total Denominated in dollars

Denominated in for eign

currencies Com mer cial claims

(1) (2) (3) (4) (5)
CAPI TAL MOVE MENTS 87

TA BLE CM- IV-5.—To tal Claims by Type and Coun try, June 30, 1998, Pre limi nary, con.

[Po si tion at end of pe riod in mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the former

U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally recog nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as inde -

pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland .................. . 873 193 191 2 680

Taiwan ................... . 737 69 65 4 668

Hong Kong.................. . 404 43 17 26 361

India ....................... . 375 89 73 16 286

Indonesia ................... . 736 427 422 5 309

Israel ...................... . 360 33 31 2 327

Japan...................... . 2,643 886 279 607 1,757

Korea ...................... . 866 258 254 4 608

Lebanon.................... . 27 - - - 27

Malaysia.................... . 414 269 267 2 145

Pakistan .................... . 34 3 3 - 31

Philippines .................. . 161 4 4 - 157

Singapore .................. . 588 42 42 - 546

Syria....................... . 7 - - - 7

Thailand .................... . 227 8 8 - 219

Other Asia .................. . 1,291 52 47 5 1,239

Total Asia ................. . 9,743 2,376 1,703 673 7,367

Af rica:

Egypt ...................... . 126 1 1 - 125

Ghana ..................... . 9 - - - 9

Liberia ..................... . 11 2 2 - 9

Morocco .................... . 23 5 5 - 18

South Africa ................. . 310 105 104 1 205

Zaire....................... . 1 - - - 1

Other Africa ................. . 332 42 39 3 290

Total Africa ................ . 812 155 151 4 657

Other coun tries:

Australia.................... . 1,409 520 510 10 889

All other .................... . 376 200 186 14 176

Total other 

countries................. . 1,785 720 696 24 1,065

Total foreign 

countries ............... . 63,993 33,108 28,811 4,297 30,885

In ter na tional and re gional orgs.:

International................. . 15 - - - 15

European regional ............ . - - - - -

Latin American regional ........ . 12 12 - 12 -

Asian regional ............... . - - - - -

African regional .............. . - - - - -

Middle Eastern regional ........ .

- - - - -

Total international 

and regional .............. . 27 12 - 12 15

Fi nan cial claims

Coun try To tal claims Total Denominated in dollars

Denominated in for eign

currencies Com mer cial claims

(1) (2) (3) (4) (5)
88 CAPI TAL MOVE MENTS

CHART CM-C.—Net Pur chases of Long- Term

Do mes tic Se cu ri ties by For eign ers, Se lected Coun tries

(In bil lions of dol lars)

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Coun try 1995 1996 1997 Jan. - Sept. 1998 July - Sept. 1998

1

 In cludes Ba ha mas, Ber muda, Brit ish West In dies, Neth er lands An til les and Pan ama.

United King dom. .................... . 100,411 130,645 174,865 107,639 29,071 

All other Eu rope ..................... . 24,795 71,073 104,375 71,516 3,725 

Ca rib bean bank ing centers

1

. ........... . 48,344 41,081 24,999 14,984 -18,056 

Ja pan ............................. . 16,504 55,167 34,504 1,066 346 

All other Asia........................ . 25,657 59,327 26,669 -6,016 -11,716 

Sub to tal.......................... . 215,711 357,293 365,412 189,189 3,370 

All other coun tries. ................... . 16,226 12,925 22,514 4,413 -3,998 

Grand to tal ....................... . 231,937 370,218 387,926 193,602 -628 

(Note: To fa cili tate com pari son of net pur chases during 1998 with those in prior years, the chart de picts

data for all pe ri ods at an an nu al ized rate.)
CAPI TAL MOVE MENTS 89

TA BLE CM- V-2.—U.S. Trans ac tions with For eign ers in Long- Term For eign Se cu ri ties by Type

[In mil lions of dol lars; nega tive fig ures in di cate net sales by for eign ers to U.S. resi dents or a net out flow of capi tal from the United States. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1 

Data in clude trans ac tions in di rectly placed is sues abroad by U.S. cor po ra tions and issues of States and mu nici pali ties.

SEC TION V.—U.S. In ter na tional Trans ac tions in Long- Term Se cu ri ties

TA BLE CM- V-1.—U.S. Trans ac tions with For eign ers in Long- Term Do mes tic Se cu ri ties by Type

[In mil lions of dol lars; nega tive fig ures in di cate net sales by for eign ers to U.S. resi dents or a net out flow of capi tal from the United States. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Mar ket able Trea sury bonds and notes

U.S. Gov ern ment cor po ra -

tions and Fed er ally sponsored agen cies

Cor po rate and other se cu ri ties

Bonds 1 Stocks

Net for eign

purchases

For eign coun tries

In ter na -

tional

and regional 

Gross

for eign

pur -

chases

Gross

for eign

sales 

Cal en dar

 year or month To tal

Of fi cial

in sti tu -

tions 

Other

for eign -

ers 

Net foreign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net foreign purchases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

Net foreign

pur -

chases 

Gross

for eign

pur -

chases 

Gross

for eign

sales 

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)

Net for eign purchases of foreign se cu ri ties

from U.S.

For eign bonds For eign stocks

Cal en dar

year or month

Net for eign purchases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

Net for eign purchases from

U.S. 

Gross for eign

pur chases from

U.S.

Gross for eign

sales to U.S.

(1) (2) (3) (4) (5) (6) (7)

1994............ . 78,801 41,822 36,815 164 2,711,142 2,632,341 21,680 159,270 137,590 37,992 130,067 92,075 1,877 350,593 348,716

1995............ . 134,115 39,631 94,045 439 2,981,158 2,847,043 28,729 125,453 96,724 57,853 168,080 110,227 11,240 462,950 451,710

1996............ . 232,241 85,807 148,276 -1,842 3,682,940 3,450,699 41,723 141,121 99,398 83,743 252,832 169,089 12,511 590,714 578,203

1997............ . 184,171 43,959 139,729 483 4,865,145 4,680,974 49,853 259,296 209,443 84,305 350,820 266,515 69,597 1,097,958 1,028,361

1998 - Jan. - Sept. p 15,746 -21,995 36,957 784 3,881,047 3,865,301 46,789 356,463 309,674 91,417 297,793 206,376 39,650 1,182,645 1,142,995

1997 - Sept. ...... . 15,500 3,397 11,695 408 397,027 381,527 1,772 22,110 20,338 7,404 28,177 20,773 8,760 96,182 87,422

Oct........ . 17,182 -12,542 29,941 -217 506,334 489,152 7,875 26,126 18,251 5,879 31,815 25,936 -252 122,428 122,680

Nov. ...... . 15,909 1,831 13,658 420 352,968 337,059 -558 28,563 29,121 3,987 23,659 19,672 5,472 96,441 90,969

Dec. ...... . -9,398 -367 -7,421 -1,610 320,492 329,890 2,837 25,702 22,865 6,153 26,462 20,309 5,530 103,667 98,137

1998 - Jan........ . 5,512 -1,189 6,179 522 415,329 409,817 4,685 29,844 25,159 8,469 27,704 19,235 7,126 100,282 93,156

Feb. r ..... . 9,959 1,242 8,851 -134 375,389 365,430 8,432 35,873 27,441 8,997 31,547 22,550 9,487 106,988 97,501

Mar. ...... . -4,091 6,133 -11,420 1,196 426,164 430,255 10,263 35,183 24,920 9,608 34,896 25,288 13,415 136,184 122,769

Apr........ . 6,078 1,162 5,607 -691 374,056 367,978 6,944 36,971 30,027 17,283 39,481 22,198 3,549 134,177 130,628

May....... . 21,267 898 20,218 151 402,470 381,203 3,691 31,718 28,027 9,220 33,777 24,557 8,173 129,528 121,355

June ...... . 1,674 -3,486 5,464 -304 456,455 454,781 6,624 38,595 31,971 14,309 35,505 21,196 3,556 146,147 142,591

July ....... . -3,578 469 -4,100 53 380,275 383,853 1,030 40,575 39,545 10,529 33,197 22,668 2,525 152,833 150,308

Aug. p ..... . -15,776 -16,920 1,144 - 496,074 511,850 3,585 41,311 37,726 4,966 25,918 20,952 1,844 141,566 139,722

Sept. p .... . -5,299 -10,304 5,014 -9 554,835 560,134 1,535 66,393 64,858 8,036 35,768 27,732 -10,025 134,940 144,965

1994 ........................ . -57,295 -9,224 848,368 857,592 -48,071 386,106 434,177

1995 ........................ . -98,696 -48,405 889,541 937,946 -50,291 345,540 395,831

1996 ........................ . -110,637 -51,369 1,114,035 1,165,404 -59,268 450,365 509,633

1997 ........................ . -89,113 -48,171 1,451,704 1,499,875 -40,942 756,015 796,957

1998 - Jan. - Sept. p ............ . -24,677 -29,000 1,120,170 1,149,170 4,323 709,939 705,616

1997 - Sept. r ................. . -6,149 -7,633 117,264 124,897 1,484 66,853 65,369

Oct. r .................. . -3,885 -1,009 157,816 158,825 -2,876 81,070 83,946

Nov. r.................. . -3,170 -4,877 112,025 116,902 1,707 73,525 71,818

Dec. r.................. . -1,775 -3,212 114,979 118,191 1,437 70,462 69,025

1998 - Jan. r .................. . -11 -99 100,712 100,811 88 63,632 63,544

Feb. r .................. . -6,212 -5,003 100,043 105,046 -1,209 68,832 70,041

Mar. r .................. . -6,248 -4,559 128,396 132,955 -1,689 81,360 83,049

Apr. r .................. . -12,295 -12,158 118,296 130,454 -137 80,736 80,873

May ................... . -5,275 -1,882 110,403 112,285 -3,393 80,941 84,334

June................... . -9,820 -12,355 151,477 163,832 2,535 88,508 85,973

July ................... . -451 3,065 118,890 115,825 -3,516 82,130 85,646

Aug. ................... . 6,570 1,018 139,341 138,323 5,552 74,358 68,806

Sept. p ................. . 9,065 2,973 152,612 149,639 6,092 89,442 83,350
90 CAPI TAL MOVE MENTS

See foot notes at end of ta ble.

TA BLE CM- V-3.—Net For eign Trans ac tions in Long- Term Do mes tic Se cu ri ties

by Type and Coun try

[In mil lions of dol lars; nega tive fig ures in di cate net sales by for eign ers to U.S. resi dents or a net out flow of capi tal from the United States. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Mar ket able Treas ury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks

1998 1998 1998 1998

Coun try Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 r

Jan.

through

Sept.

July

through

Sept. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

Eu rope:

Austria..................... . 1,175 159 306 345 77 108 263 194 78 480 504 170

Belgium-Luxembourg ......... . 3,427 1,753 995 835 595 306 1,380 4,215 1,693 4,562 5,279 538

Bulgaria.................... . -8 147 110 2 - - 4 -5 - - 11 6

Czech Republic.............. . 77 216 149 - - - 23 44 - 1 9 1

Denmark ................... . 647 -366 -493 189 235 141 132 39 9 429 867 219

Finland .................... . 457 -228 253 40 174 55 -44 29 31 48 91 22

France..................... . -2,082 3,487 459 142 147 60 3,158 2,414 745 6,641 6,443 1,412

Germany ................... . 22,471 -1,107 -862 497 510 -9 2,245 3,562 1,228 9,059 10,413 4,165

Greece .................... . -637 128 -235 17 14 -1 24 72 31 249 69 53

Hungary ................... . -968 -1,420 -75 -59 339 124 6 - - -2 -4 4

Ireland..................... . 1,229 -77 -983 588 754 -433 1,128 1,449 551 751 175 -440

Italy ....................... . 2,300 6,187 550 123 96 133 4 152 419 2,830 6,868 1,911

Netherlands................. . 1,746 -4,845 -3,925 2,194 1,381 553 1,382 563 -138 3,831 5,170 2,305

Norway .................... . 259 195 362 6 77 130 418 -219 54 523 458 -58

Poland..................... . 488 1,625 971 -13 -12 -10 -120 -42 -14 12 -8 -2

Portugal ................... . 2,754 1,018 525 59 39 23 583 105 57 -238 70 11

Romania ................... . -54 109 4 -11 438 438 - - - -6 4 -

Russia 1

.................... . -1,265 292 -95 -1 248 248 7 3 - 325 4 -

Spain...................... . 10,351 -3,723 -4,676 903 811 78 227 -38 -12 577 701 62

Sweden.................... . -465 126 -243 -18 71 77 -52 260 192 2,081 608 214

Switzerland ................. . 6,028 1,723 -1,144 390 2,279 347 -203 2,412 990 7,848 9,023 554

Turkey ..................... . -71 1,122 -1,921 -1 4 1 21 -266 -76 11 33 53

United Kingdom ............. . 98,253 20,182 4,494 9,644 18,924 6,556 44,490 49,805 14,347 22,478 18,728 3,674

Yugoslavia 2

................. . 25 - - 8 - - - - - 12 26 -

Other Europe ............... .

-1,216 -6,018 -6,030 387 128 125 289 258 57 186 593 134

Total Europe............... . 144,921 20,685 -11,504 16,266 27,329 9,050 55,365 65,006 20,242 62,688 66,135 15,008

Canada ..................... .

-811 -2,407 -3,323 433 225 291 5,831 4,816 1,229 -1,406 -3,086 -886

Latin Amer ica and Ca rib bean: 

Argentina .................. . 215 -486 115 154 497 321 444 98 42 386 335 76

Bahamas................... . -355 1,126 -586 714 2,126 -174 2,291 2,209 -714 678 -219 -630

Bermuda ................... . -6,376 7,529 6,288 7,658 1,857 -1,548 4,984 7,719 1,738 -1,983 -2,320 -1,750

Brazil...................... . -2,589 1,398 -567 2,388 -1,330 -1,527 -190 -682 -36 88 150 33

British West Indies ........... . 4,312 5,543 2,777 3,791 4,357 -1,369 5,147 7,565 1,538 4,488 2,187 -2,105

Chile ...................... . 1,331 376 478 34 67 33 239 19 14 -20 -104 -11

Colombia................... . 958 -596 -328 121 71 17 19 66 12 175 55 26

Cuba ...................... . - - - - - - - - - -1 - -

Ecuador ................... . 32 167 63 59 100 29 98 -23 -18 25 11 9

Guatemala ................. . -1 -13 9 8 7 4 9 1 -5 12 16 5

Jamaica.................... . -13 -54 3 -14 43 -20 43 -28 5 1 21 15

Mexico..................... . 979 674 452 840 1,017 500 705 849 211 374 163 -62

Netherlands Antilles .......... . -2,660 -17,358 -14,573 84 57 171 1,974 543 29 -269 -8,693 -7,454

Panama ................... . 103 32 40 160 195 108 -436 290 103 694 239 55

Peru ...................... . 304 315 103 1 117 55 41 18 6 8 6 4

Trinidad and Tobago.......... . 19 29 12 65 100 31 - 29 12 15 - -1

Uruguay ................... . 175 -123 15 56 28 11 136 57 25 246 9 -24

Venezuela .................. . 655 -509 -852 918 592 115 217 352 98 303 123 18

Other Latin America 

and Caribbean ............. . 357 479 327 1,067 1,721 380 908 1,013 502 -17 -4 57

Total Latin America 

and Caribbean............ .

-2,554 -1,471 -6,224 18,104 11,622 -2,863 16,629 20,095 3,562 5,203 -8,025 -11,739
CAPI TAL MOVE MENTS 91

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the

former U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

3

 In cludes Bah rain, Iran, Iraq, Ku wait, Oman, Qa tar, Saudi Ara bia, and the United Arab

Emirates (Trucial States).

4

 In cludes Al ge ria, Ga bon, Libya, and Ni ge ria.

TA BLE CM- V-3.—Net For eign Trans ac tions in Long- Term Do mes tic Se cu ri ties

by Type and Coun try, con.

[In mil lions of dol lars; nega tive fig ures in di cate net sales by for eign ers to U.S. resi dents or a net out flow of capi tal from the United States. Source: Of fice of In ter na tional Fi nan cial Analy sis]

1998 1998 1998 1998

Coun try Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 

Jan.

through

Sept.

July

through

Sept. p

Cal en dar 

year

1997 r

Jan.

through

Sept.

July

through

Sept. p

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12)

Asia:

China:

Mainland ................. . 8,158 -1,470 -816 1,708 -273 161 70 -104 -96 62 19 22

Taiwan ................... . 1,537 -3,005 -1,042 -705 -777 -388 -134 7 10 429 67 -48

Hong Kong ................. . 12,253 10,175 5,057 3,832 -480 -1,712 1,758 -129 -375 -212 -1,986 -1,526

India ...................... . 510 225 33 -64 2 1 -35 4 6 -33 -13 -5

Indonesia .................. . 2 219 -108 - -11 -10 2 4 2 20 -18 2

Israel...................... . 3,125 -115 -241 612 262 67 175 329 35 -539 -70 32

Japan ..................... . 20,360 754 1,201 7,718 2,852 -875 1,639 475 -359 4,787 -3,015 379

Korea ..................... . -5,119 11,033 4,391 -2,158 2,227 1,359 -191 13 22 -5 -41 6

Lebanon ................... . -2 - 1 -1 - - 10 - - 78 31 14

Malaysia ................... . -2,559 -1,616 -179 -289 -24 -50 9 19 3 -170 -172 -27

Pakistan ................... . -7 2 -1 1 - - - -16 - 18 22 13

Philippines ................. . -561 -337 -214 302 106 9 49 7 1 2 24 3

Singapore .................. . -3,713 2,694 2,957 1,511 2,052 1,515 1,176 367 492 -2,302 -9,300 -6,493

Syria ...................... . - - - - - - - - - 18 14 3

Thailand ................... . -1,904 -2,514 -824 -1 - - 15 2 1 -9 -14 -3

Oil-exporting countries 3....... . 7,636 -14,069 -12,575 2,042 1,381 103 113 304 -178 383 -350 -141

Other Asia.................. .

-149 -331 -376 -64 -22 -150 51 -301 -395 -72 -69 -64

Total Asia ................. . 39,567 1,645 -2,736 14,444 7,295 30 4,707 981 -831 2,455 -14,871 -7,833

Af rica:

Egypt...................... . 1,090 269 20 384 81 67 37 13 -4 65 38 32

Ghana ..................... . - - - - - - - - - 2 - -

Liberia ..................... . 122 321 188 226 -22 -88 120 -58 -106 -99 -106 -79

Morocco ................... . - 3 - - - - - -13 - 9 10 5

South Africa ................ . 93 -100 -91 29 36 - 134 -60 -51 355 677 42

Zaire ...................... . - - - - - - - - - 12 1 -

Oil-exporting countries 4....... . -12 2 1 8 -1 - 9 1 -2 37 52 19

Other Africa................. . 231 52 2 21 5 -1 37 94 59 91 112 28

Total Africa................ . 1,524 547 120 668 99 -22 337 -23 -104 472 784 47

Other coun tries:

Australia ................... . 1,054 -4,033 -1,032 -157 479 32 582 248 -12 251 -874 -

All other.................... .

-13 -4 2 31 -492 -285 355 -12 -649 91 -45 3

Total other 

countries ................ . 1,041 -4,037 -1,030 -126 -13 -253 937 236 -661 342 -919 3

Total foreign 

countries............... . 183,688 14,962 -24,697 49,789 46,557 6,233 83,806 91,111 23,437 69,754 40,018 -5,400

In ter na tional 

and re gional orgs.:

International ................ . 621 -116 -433 27 28 -103 59 145 -2 31 -97 -50

European regional ........... . -139 -118 -10 6 -20 - -69 - - - - -

Latin American regional ....... . 170 203 195 -1 -1 -26 519 161 96 -199 -278 -207

Asian regional............... . -277 342 304 -20 50 40 5 - - 10 7 1

African regional.............. . 93 89 - 52 175 6 -15 - - -1 - -

Middle Eastern regional ....... . 15 384 -12 - - - - - - 2 - -

Mar ket able Treas ury 

bonds and notes

U.S. Gov ern ment cor po ra tions

and Fed eral agency bonds Cor po rate bonds Cor po rate stocks
92 CAPI TAL MOVE MENTS

TA BLE CM- V-4.—U.S. Trans ac tions with For eign ers in Long- Term Do mes tic and

For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1998, Pre limi nary

 [In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

See foot notes at end of ta ble.

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds

of U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds

of U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria ............ . 4,448 2,892 167 101 827 181 280 3,688 2,586 59 23 657 102 261

Belgium-Luxembourg . . 22,910 5,771 1,291 3,157 8,229 2,128 2,334 19,293 4,776 985 1,464 7,691 2,055 2,322

Bulgaria ........... . 327 242 - - 6 30 49 192 132 - - - 7 53

Czech Republic ..... . 2,028 1,976 - - 8 5 39 1,855 1,827 - - 7 - 21

Denmark .......... . 3,628 846 524 92 633 760 773 3,408 1,339 383 83 414 788 401

Finland ............ . 2,421 1,194 112 47 62 198 808 2,099 941 57 16 40 157 888

France ............ . 105,551 32,059 91 1,209 57,706 8,938 5,548 101,521 31,600 31 464 56,294 7,979 5,153

Germany .......... . 58,624 22,677 539 2,068 16,899 4,398 12,043 54,524 23,539 548 840 12,734 5,586 11,277

Greece ............ . 1,861 933 - 61 345 241 281 1,681 1,168 1 30 292 56 134

Hungary ........... . 1,444 863 522 - 11 5 43 1,427 938 398 - 7 2 82

Ireland ............ . 69,316 26,562 8,148 1,197 3,324 27,384 2,701 69,975 27,545 8,581 646 3,764 26,561 2,878

Italy .............. . 24,296 10,476 597 535 8,158 1,242 3,288 21,134 9,926 464 116 6,247 671 3,710

Netherlands ........ . 30,264 8,477 2,303 709 8,552 2,848 7,375 29,203 12,402 1,750 847 6,247 2,455 5,502

Norway............ . 2,928 1,279 193 174 551 92 639 2,228 917 63 120 609 107 412

Poland ............ . 2,125 1,612 - 4 17 444 48 939 641 10 18 19 191 60

Portugal ........... . 4,397 3,147 59 78 102 47 964 3,325 2,622 36 21 91 46 509

Romania........... . 1,201 385 805 - 2 9 - 750 381 367 - 2 - -

Russia 1............ . 3,597 2,638 287 1 49 464 158 3,278 2,733 39 1 49 283 173

Spain ............. . 13,579 8,578 227 74 999 879 2,822 16,996 13,254 149 86 937 758 1,812

Sweden ........... . 9,036 3,348 84 203 2,109 705 2,587 7,783 3,591 7 11 1,895 428 1,851

Switzerland......... . 60,382 23,294 502 1,866 23,238 1,671 9,811 56,970 24,438 155 876 22,684 1,463 7,354

Turkey ............ . 1,653 1,215 8 13 100 162 155 3,866 3,136 7 89 47 394 193

United Kingdom ..... . 1,219,969 771,930 23,841 48,687 85,734 186,381 103,396 1,192,500 767,436 17,285 34,340 82,060 191,879 99,500

Yugoslavia 2........ . 5 - - - - 5 - - - - - - - -

Other Europe ....... . 6,510 3,500 151 86 1,516 805 452 11,738 9,530 26 29 1,382 333 438

Total Europe ...... . 1,652,500 935,894 40,451 60,362 219,177 240,022 156,594 1,610,373 947,398 31,401 40,120 204,169 242,301 144,984

Canada ............. . 169,356 83,339 859 3,221 20,123 49,069 12,745 168,396 86,662 568 1,992 21,009 47,715 10,450

Latin Amer ica 

and Ca rib bean:

Argentina .......... . 13,900 577 412 190 605 10,601 1,515 12,552 462 91 148 529 9,764 1,558

Bahamas .......... . 72,586 31,959 12,206 9,529 7,042 10,419 1,431 74,536 32,545 12,380 10,243 7,672 10,017 1,679

Bermuda .......... . 165,252 37,784 28,206 6,372 53,669 34,229 4,992 162,018 31,496 29,754 4,634 55,419 34,932 5,783

Brazil ............. . 31,576 8,433 395 76 433 14,837 7,402 31,371 9,000 1,922 112 400 13,062 6,875

British West Indies ... . 201,855 70,440 45,384 8,855 55,816 13,519 7,841 203,282 67,663 46,753 7,317 57,921 12,965 10,663

Chile.............. . 2,128 921 37 21 363 384 402 1,759 443 4 7 374 545 386

Colombia .......... . 1,776 1,426 81 28 105 109 27 2,491 1,754 64 16 79 565 13

Cuba ............. . - - - - - - - 1 - - - - 1 -

Ecuador ........... . 540 349 49 5 29 105 3 453 286 20 23 20 104 -

Guatemala ......... . 163 9 4 1 69 61 19 146 - - 6 64 64 12

Jamaica ........... . 141 3 10 8 32 84 4 55 - 30 3 17 1 4

Mexico ............ . 9,806 2,342 519 422 882 2,924 2,717 8,936 1,890 19 211 944 3,552 2,320

Netherlands Antilles . . . 72,350 25,689 340 670 29,015 6,202 10,434 99,234 40,262 169 641 36,469 6,156 15,537

Panama ........... . 3,715 1,700 211 208 914 467 215 3,275 1,660 103 105 859 357 191

Peru .............. . 575 104 55 9 71 227 109 330 1 - 3 67 125 134

Trinidad and Tobago . . 237 12 182 12 13 17 1 166 - 151 - 14 - 1

Uruguay ........... . 1,992 167 107 50 224 1,180 264 1,982 152 96 25 248 1,232 229

Venezuela ......... . 2,113 685 155 177 369 587 140 2,994 1,537 40 79 351 848 139

Other Latin America

andCaribbean ..... . 7,270 1,095 608 676 668 991 3,232 4,514 768 228 174 611 899 1,834
CAPI TAL MOVE MENTS 93

TA BLE CM- V-4.—U.S. Trans ac tions with For eign ers in Long- Term Do mes tic and

For eign Se cu ri ties, by Type and Coun try, Dur ing Third Quar ter 1998, Pre limi nary, con.

 [In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the

former U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland........ . 6,809 4,748 1,222 102 205 512 20 7,098 5,564 1,061 198 183 47 45

Taiwan ......... . 3,310 1,295 139 14 949 308 605 4,282 2,337 527 4 997 92 325

Hong Kong ....... . 48,366 31,418 1,441 281 2,511 3,678 9,037 43,183 26,361 3,153 656 4,037 2,232 6,744

India ............ . 804 395 2 11 252 13 131 771 362 1 5 257 7 139

Indonesia ........ . 1,160 1,012 - 2 87 8 51 1,274 1,120 10 - 85 1 58

Israel ............ . 4,338 2,834 131 74 712 59 528 4,732 3,075 64 39 680 521 353

Japan ........... . 168,932 116,060 7,902 772 16,328 10,038 17,832 165,073 114,859 8,777 1,131 15,949 6,879 17,478

Korea ........... . 7,184 4,932 1,389 30 64 441 328 1,129 541 30 8 58 25 467

Lebanon ......... . 255 1 - - 181 43 30 200 - - - 167 9 24

Malaysia ......... . 435 143 19 18 36 76 143 746 322 69 15 63 53 224

Pakistan ......... . 187 1 - - 91 - 95 114 2 - - 78 1 33

Philippines........ . 1,614 1,242 21 7 111 85 148 1,768 1,456 12 6 108 77 109

Singapore ........ . 36,824 24,324 2,477 912 5,169 2,272 1,670 38,896 21,367 962 420 11,662 1,349 3,136

Syria ............ . 27 - - - 16 - 11 22 - - - 13 - 9

Thailand ......... . 4,339 4,278 - 1 27 7 26 5,222 5,102 - - 30 11 79

Other Asia ........ . 25,376 15,800 2,119 457 6,461 183 356 39,258 28,751 2,166 1,030 6,666 230 415

Total Asia ....... . 309,960 208,483 16,862 2,681 33,200 17,723 31,011 313,768 211,219 16,832 3,512 41,033 11,534 29,638

Af rica:

Egypt............ . 477 161 118 22 115 9 52 374 141 51 26 83 8 65

Ghana ........... . 8 - - - 1 - 7 1 - - - 1 - -

Liberia ........... . 598 257 84 6 197 36 18 793 69 172 112 276 138 26

Morocco ......... . 13 1 - - 11 - 1 17 1 - - 6 4 6

South Africa ...... . 663 76 - 9 321 154 103 1,188 167 - 60 279 164 518

Zaire ............ . 12 - - - 9 - 3 9 - - - 9 - -

Other Africa....... . 677 121 2 70 333 43 108 579 118 3 13 286 40 119

Total Africa ...... . 2,448 616 204 107 987 242 292 2,961 496 226 211 940 354 734

Other coun tries:

Australia ......... . 25,820 13,040 534 522 3,684 4,377 3,663 27,234 14,072 502 534 3,684 4,476 3,966

All other.......... . 5,844 559 279 524 1,249 2,421 812 6,230 557 564 1,173 1,246 2,120 570

Total other 

countries ...... . 31,664 13,599 813 1,046 4,933 6,798 4,475 33,464 14,629 1,066 1,707 4,930 6,596 4,536

Total foreign 

countries ..... . 2,753,903 1,425,626 148,150 94,726 428,739 410,797 245,865 2,739,057 1,450,323 141,917 71,289 434,139 403,689 237,700

In ter na tional 

and re gional orgs.:

International ...... . 5,081 4,709 1 55 218 40 58 5,730 5,142 104 57 268 87 72

European regional. . . - - - - - - - 10 10 - - - - -

Latin American

regional ........ . 755 238 41 102 374 - - 697 43 67 6 581 - -

Asian regional ..... . 657 598 40 - 8 6 5 339 294 - - 7 10 28

African regional.... . 47 - 47 - - - - 41 - 41 - - - -

Middle Eastern 

regional ........ . 15 13 - - - - 2 28 25 - - - 1 2

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal

pur -

chases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds

of U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas -

ury and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds

of U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
94 CAPI TAL MOVE MENTS

TA BLE CM- V-5.—U.S. Trans ac tions with For eign ers in Long- Term Do mes tic and

For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1997

 [In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

See foot notes at end of ta ble.

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal purchases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury

and Federal Financ ing

Bank

bonds

and notes

Bonds of

U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds of

U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Coun try Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)

Eu rope:

Austria .......... . 24,043 18,819 389 404 2,589 997 845 22,116 17,644 44 141 2,109 1,318 860

Belgium-Luxembourg 84,621 40,390 2,403 7,206 22,260 6,360 6,002 71,768 36,963 1,568 5,826 17,698 5,091 4,622

Bulgaria ......... . 477 57 2 11 5 382 20 508 65 - 7 5 408 23

Czech Republic ... . 4,115 3,880 - 47 44 85 59 4,017 3,803 - 24 43 43 104

Denmark......... . 13,752 6,560 2,174 379 1,710 922 2,007 13,142 5,913 1,985 247 1,281 1,643 2,073

Finland .......... . 11,621 8,456 151 98 171 1,070 1,675 12,988 7,999 111 142 123 2,259 2,354

France .......... . 327,852 116,573 458 7,023 164,624 19,543 19,631 325,556 118,655 316 3,865 157,983 20,258 24,479

Germany ........ . 196,676 119,990 2,054 6,422 31,105 11,678 25,427 160,140 97,519 1,557 4,177 22,046 10,677 24,164

Greece .......... . 3,821 1,274 60 94 1,246 497 650 4,325 1,911 43 70 997 923 381

Hungary ......... . 3,018 2,640 231 11 27 36 73 4,360 3,608 290 5 29 29 399

Ireland .......... . 49,946 29,583 1,193 3,828 4,186 5,789 5,367 46,228 28,354 605 2,700 3,435 5,447 5,687

Italy............. . 52,602 21,135 501 1,194 15,155 7,799 6,818 45,264 18,835 378 1,190 12,325 5,418 7,118

Netherlands ...... . 85,470 28,372 5,593 2,660 22,020 9,529 17,296 76,059 26,626 3,399 1,278 18,189 10,637 15,930

Norway .......... . 12,787 7,296 74 595 1,843 921 2,058 12,449 7,037 68 177 1,320 1,724 2,123

Poland .......... . 8,348 7,427 16 189 27 434 255 9,174 6,939 29 309 15 1,507 375

Portugal ......... . 13,993 11,476 72 652 296 527 970 11,166 8,722 13 69 534 319 1,509

Romania......... . 11 - - - 2 - 9 91 54 11 - 8 5 13

Russia 1.......... . 44,332 39,885 4 21 486 2,944 992 45,546 41,150 5 14 161 2,624 1,592

Spain ........... . 61,044 43,886 993 666 3,511 3,619 8,369 47,534 33,535 90 439 2,934 4,342 6,194

Sweden ......... . 29,120 11,046 31 154 7,214 1,550 9,125 26,616 11,511 49 206 5,133 2,336 7,381

Switzerland....... . 122,847 28,285 895 5,593 63,732 6,921 17,421 107,952 22,257 505 5,796 55,884 6,970 16,540

Turkey .......... . 7,738 6,435 - 61 272 284 686 7,973 6,506 1 40 261 328 837

United Kingdom ... . 3,979,460 2,465,170 44,817 194,892 245,689 755,466 273,426 3,832,888 2,366,917 35,173 150,402 223,211 766,713 290,472

Yugoslavia 2...... . 204 25 8 - 24 32 115 302 - - - 12 22 268

Other Europe ..... . 31,995 26,200 449 416 2,944 514 1,472 32,365 27,416 62 127 2,758 609 1,393

Total Europe .... . 5,169,893 3,044,860 62,568 232,616 591,182 837,899 400,768 4,920,527 2,899,939 46,302 177,251 528,494 851,650 416,891

Canada ........... . 624,288 308,369 5,626 14,258 63,792 152,503 79,740 623,326 309,180 5,193 8,427 65,198 154,091 81,237

Latin Amer i can 

and Ca rib bean:

Argentina ........ . 80,861 2,905 560 1,177 1,977 68,578 5,664 85,951 2,690 406 733 1,591 74,369 6,162

Bahamas ........ . 124,657 34,017 3,774 8,027 24,110 48,415 6,314 120,021 34,372 3,060 5,736 23,432 47,449 5,972

Bermuda......... . 408,955 96,146 84,244 20,073 117,758 77,434 13,300 406,594 102,522 76,586 15,089 119,741 78,463 14,193

Brazil ........... . 119,687 19,782 3,340 1,285 2,608 74,214 18,458 126,039 22,371 952 1,475 2,520 77,967 20,754

British West Indies . . 450,690 192,023 38,568 28,943 102,481 61,146 27,529 438,102 187,711 34,777 23,796 97,993 66,753 27,072

Chile ............ . 8,868 2,795 50 350 1,224 3,279 1,170 6,544 1,464 16 111 1,244 2,346 1,363

Colombia ........ . 6,721 5,504 165 71 429 328 224 6,745 4,546 44 52 254 1,353 496

Cuba............ . - - - - - - - 1 - - - 1 - -

Ecuador ......... . 3,400 1,735 83 238 166 1,166 12 3,300 1,703 24 140 141 1,288 4

Guatemala ....... . 341 62 10 30 127 84 28 297 63 2 21 115 75 21

Jamaica ......... . 320 3 139 48 27 95 8 450 16 153 5 26 241 9

Mexico .......... . 43,020 10,070 958 5,303 2,404 12,276 12,009 43,380 9,091 118 4,598 2,030 15,654 11,889

Netherlands Antilles . 227,562 92,021 1,123 11,765 66,056 22,950 33,647 230,073 94,681 1,039 9,791 66,325 23,173 35,064

Panama ......... . 10,786 1,026 1,106 1,159 3,508 3,006 981 10,668 923 946 1,595 2,814 3,566 824

Peru ............ . 1,603 312 1 101 104 647 438 1,787 8 - 60 96 1,003 620

Trinidad and Tobago 240 20 95 26 56 39 4 119 1 30 26 41 14 7

Uruguay ......... . 11,604 1,226 186 340 1,156 7,642 1,054 11,401 1,051 130 204 910 8,182 924

Venezuela ....... . 11,009 4,236 1,069 422 1,277 3,263 742 9,617 3,581 151 205 974 3,630 1,076

Other Latin America 

and Caribbean ... . 11,660 1,752 1,406 2,463 1,313 3,406 1,320 8,771 1,395 339 1,555 1,330 3,344 808
CAPI TAL MOVE MENTS 95

TA BLE CM-V-5.—U.S. Trans ac tions with For eigners in Long-Term Do mes tic and

For eign Se cu ri ties, by Type and Coun try, Dur ing Cal en dar Year 1997, con.

 [In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

1

 Be gin ning with se ries for De cem ber 1992 for ward, data for all other re pub lics of the

former U.S.S.R. are re ported un der “Other Europe.”

2

 In cludes data on Ser bia and Montenegro, which pres ently form an en tity not for mally

rec og nized by the United States. Data for en ti ties of the for mer Yu go sla via rec og nized as

in de pend ent states by the United States are re ported un der “Other Eu rope” as fol lows:

Be gin ning in De cem ber 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and begin ning in June 1994 for the For mer Yu go slav Re pub lic of Mac e do nia.

Asia:

China:

Mainland ...... . 49,907 44,213 2,725 371 374 1,704 520 40,339 36,055 1,017 301 312 1,651 1,003

Taiwan ........ . 26,238 18,987 477 111 3,363 661 2,639 24,721 17,450 1,182 245 2,934 440 2,470

Hong Kong ...... . 193,196 125,924 6,142 3,002 8,283 10,402 39,443 173,890 113,671 2,310 1,244 8,495 8,895 39,275

India ........... . 3,806 2,625 33 11 395 122 620 4,997 2,115 97 46 428 1,000 1,311

Indonesia ....... . 10,712 7,991 - 4 275 535 1,907 12,353 7,989 - 2 255 1,598 2,509

Israel........... . 23,311 19,010 699 252 1,904 291 1,155 22,347 15,885 87 77 2,443 1,972 1,883

Japan .......... . 737,500 551,668 34,459 7,504 55,200 17,722 70,947 712,997 531,308 26,741 5,865 50,413 18,224 80,446

Korea .......... . 16,748 9,879 112 552 258 3,141 2,806 30,266 14,998 2,270 743 263 7,422 4,570

Lebanon ........ . 694 66 7 11 420 134 56 546 68 8 1 342 90 37

Malaysia ........ . 12,801 8,092 104 301 245 287 3,772 16,176 10,651 393 292 415 849 3,576

Pakistan ........ . 418 4 1 3 201 30 179 762 11 - 3 183 214 351

Philippines ...... . 7,564 5,034 390 85 414 533 1,108 9,941 5,595 88 36 412 2,563 1,247

Singapore ....... . 142,527 103,526 2,096 2,455 16,027 8,024 10,399 146,919 107,239 585 1,279 18,329 7,314 12,173

Syria ........... . 144 - - - 98 4 42 151 - - - 80 4 67

Thailand ........ . 10,608 9,373 2 16 125 141 951 13,834 11,277 3 1 134 1,538 881

Other Asia....... . 85,809 58,763 4,895 3,569 15,476 1,463 1,643 75,694 51,276 2,917 3,405 15,165 1,426 1,505

Total Asia...... . 1,321,983 965,155 52,142 18,247 103,058 45,194 138,187 1,285,933 925,588 37,698 13,540 100,603 55,200 153,304

Af rica:

Egypt .......... . 3,367 2,432 428 73 288 64 82 1,823 1,342 44 36 223 51 127

Ghana.......... . 19 - - - 4 13 2 18 - - - 2 - 16

Liberia.......... . 3,358 929 560 385 949 432 103 2,900 807 334 265 1,048 329 117

Morocco ........ . 32 1 - - 17 - 14 152 1 - - 8 122 21

South Africa ..... . 1,967 123 40 140 624 369 671 2,809 30 11 6 269 895 1,598

Zaire ........... . 29 - - - 14 - 15 9 - - - 2 - 7

Other Africa ..... . 2,204 441 41 131 860 243 488 3,557 222 12 85 732 1,688 818

Total Africa..... . 10,976 3,926 1,069 729 2,756 1,121 1,375 11,268 2,402 401 392 2,284 3,085 2,704

Other coun tries:

Australia ........ . 77,405 41,520 338 1,811 5,946 17,051 10,739 78,714 40,466 495 1,229 5,695 17,800 13,029

All other countries. . 16,015 2,227 311 594 2,061 9,223 1,599 14,800 2,240 280 239 1,970 8,353 1,718

Total other 

countries ..... . 93,420 43,747 649 2,405 8,007 26,274 12,338 93,514 42,706 775 1,468 7,665 26,153 14,747

Total foreign 

countries.... . 8,742,544 4,831,692 258,931 350,076 1,095,576 1,450,959 755,310 8,444,428 4,648,004 209,142 266,270 1,025,822 1,499,049 796,141

In ter na tional and

re gional orgs.:

International ..... . 31,422 29,396 54 68 883 357 664 30,626 28,775 27 9 852 285 678

European regional . 290 129 6 100 - 31 24 557 268 - 169 - 1 119

Latin American

regional ....... . 4,797 2,268 167 554 1,461 347 - 4,409 2,098 168 35 1,660 448 -

Asian regional.... . 976 913 - 5 35 8 15 1,341 1,190 20 - 25 92 14

African regional... . 481 323 138 17 1 2 - 354 230 86 32 2 - 4

Middle Eastern

regional ....... . 428 424 - - 2 - 2 410 409 - - - - 1

Total international 

and regional . . . 38,394 33,453 365 744 2,382 745 705 37,697 32,970 301 245 2,539 826 816

Gross pur chases by for eign ers from U.S. resi dents Gross sales by for eign ers to U.S. resi dents

To tal purchases 

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

To tal

sales

Do mes tic se cu ri ties

For eign se cu ri ties

Bonds Stocks

Mar ket -

able

Treas ury

and Federal Financ ing

Bank

bonds

and notes

Bonds of

U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Bonds Stocks

Mar ket -

able

Treas ury 

and

Fed eral

Fi nanc -

ing Bank

bonds

and

notes 

Bonds of

U.S.

Govt.

corps.

and feder ally

spon -

sored

agen -

cies

Cor po rate and

other

Country Bonds Stocks

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14)
96 CAPI TAL MOVE MENTS

CHART CM-D.—Net Pur chases of Long-Term For eign

Se cu ri ties by U.S. In ves tors *

(In bil lions of dol lars)

[In mil lions of dol lars. Source: Of fice of In ter na tional Fi nan cial Analy sis]

Type 1994 1995 1996 1997 Jan. - Sept. 1998 July - Sept. 1998

* Net pur chases by U.S. in ves tors equal net sales by for eign ers, or gross sales

mi nus gross pur chases of se cu ri ties.

For eign bonds .................. . 9,224 48,405 25,730 48,171 29,000 -7,056

For eign stocks .................. . 48,071 50,291 12,260 40,942 -4,323 -8,128

To tal ........................ . 57,295 98,696 37,990 89,113 24,677 -15,184

(Note: To fa cili tate com pari son of net pur chases during 1998 with those in prior years, the chart de picts

data for all pe ri ods at an an nu al ized rate.)
97

IN TRO DUC TION: For eign Cur rency Po si tions

The “Trea sury Bul le tin” reports for eign cur rency hold ings

of large for eign ex change mar ket par tic i pants. These re ports

pro vide in for ma tion on po si tions in de riv a tive in stru ments,

such as for eign ex change fu tures and op tions, that are in creas -

ingly used in es tab lish ing for eign ex change po si tions but were

not cov ered in the old re ports.

The in for ma tion is based on re ports of large for eign exchange mar ket par tic i pants on hold ings of five ma jor for eign

cur ren cies (Ca na dian dol lar, Ger man mark, Jap a nese yen,

Swiss franc, and pound ster ling). U.S.-based busi nesses file a

con sol i dated re port for their do mes tic and for eign sub sid iar -

ies, branches and agen cies. U.S. sub sid iar ies of for eign en ti -

ties file only for them selves, not for their for eign par ents.

Fil ing is re quired by law (31 U.S.C. 5315; 31 C.F.R. 128,

Subpart C).

Weekly and monthly re ports must be filed through out the

cal en dar year by ma jor for eign ex change mar ket par tic i pants,

which are de fined as mar ket par tic i pants with more than $50

bil lion equiv a lent in for eign ex change con tracts on the last

busi ness day of any cal en dar quar ter dur ing the pre vi ous year

(end March, June, Sep tem ber, or De cem ber). Such con tracts

in clude the amounts of for eign ex change spot con tracts

bought and sold, for eign ex change for ward con tracts bought

and sold, for eign ex change fu tures bought and sold and one

half the no tional amount of for eign ex change op tions bought

and sold. Ex emp tions from fil ing the monthly re port are given

to bank ing in sti tu tions that file the Fed eral Fi nan cial In sti tu -

tion Ex am i na tion Coun cil (FFIEC) 035 re port (“Monthly

Con sol i dated For eign Cur rency Re port”). 

A quar terly re port must be filed through out the cal en dar

year by each for eign ex change mar ket par tic i pant that had

more than $1 bil lion equiv a lent in for eign ex change con tracts

on the last busi ness day of any quar ter the pre vi ous year (end

March, June, Sep tem ber, or De cem ber). Ex emp tions from filing the quar terly re port are given to ma jor nonbank mar ket

par tic i pants that file weekly and monthly re ports and bank ing

in sti tu tions that file FFIEC 035 re ports.

This in for ma tion is pub lished in five sec tions cor re spond -

ing to each of the ma jor cur ren cies cov ered by the re ports. Tables I-1 through V-1 pres ent the for eign cur rency data

re ported weekly by ma jor mar ket par tic i pants. Ta bles I-2

through V-2 pres ent more de tailed cur rency data of ma jor

mar ket par tic i pants, based on monthly Trea sury and FFIEC

035 re ports. Ta bles I-3 through V-3 pres ent quar terly con sol i -

dated for eign cur rency data re ported by large mar ket par tic i -

pants and FFIEC re port ers that do not file weekly re ports. 

Prin ci pal ex changed un der cross cur rency in ter est rate

swaps is re ported as part of pur chases or sales of for eign exchange. Such prin ci pal also is sep a rately noted on monthly

and quar terly re ports. The net op tions po si tion, or the net

delta-equivalent value of an op tions po si tion, is an es ti mate of

the re la tion ship be tween an op tion’s value and an equiv a lent

cur rency hedge. The delta equiv a lent value is de fined as the

prod uct of the first par tial de riv a tive of an op tion val u a tion

for mula (with re spect to the price of the un der ly ing cur rency)

mul ti plied by the no tional prin ci pal of the con tract.
98 FOR EIGN CUR RENCY PO SI TIONS

SEC TION I.—Ca na dian Dol lar Po si tions

TA BLE FCP-I-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ca na dian dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Spot, for ward, Ex change rate

 and fu ture con tracts (Ca na dian

Net op tions dol lars per

Re port Pur chased Sold po si tions U.S. dol lar)

date (1) (2) (3) (4)

04/08/98 ..................... . 277,923 277,641 -4,517 1.4242

04/15/98 ..................... . 277,881 281,508 -4,904 1.4385

04/22/98 ..................... . 277,650 279,925 -5,287 1.4324

04/29/98 ..................... . 282,558 284,275 -5,006 1.4371

05/06/98 ..................... . 277,481 277,867 -4,685 1.4392

05/13/98 ..................... . 285,548 285,831 -3,971 1.4449

05/20/98 ..................... . 276,811 276,710 -3,458 1.4490

05/27/98 ..................... . 277,344 276,826 -3,577 1.4539

06/03/98 ..................... . 274,403 277,853 -3,381 1.4539

06/10/98 ..................... . 284,062 285,288 -3,370 1.4663

06/17/98 ..................... . 290,749 295,336 -3,301 1.4614

06/24/98 ..................... . 282,224 285,012 -3,371 1.4707

07/01/98 ..................... . 298,133 297,689 -3,357 1.4632

07/08/98 ..................... . 293,406 292,120 -3,869 1.4718

07/15/98 ..................... . 302,388 296,221 -4,279 1.4893

07/22/98 ..................... . 295,387 294,481 -4,639 1.4955

07/29/98 ..................... . 299,743 297,277 -5,368 1.5060

08/05/98 ..................... . 294,018 292,083 -3,371 1.5178

08/12/98 ..................... . 308,221 307,826 -2,580 1.5210

08/19/98 ..................... . 302,156 304,669 -3,143 1.5329

08/26/98 ..................... . 314,646 316,626 -1,976 1.5657

09/02/98 ..................... . 332,909 330,245 -3,550 1.5425

09/09/98 ..................... . 338,490 337,762 -3,430 1.5227

09/16/98 ..................... . 329,216 323,250 -3,284 1.5115

09/23/98 ..................... . 322,601 315,396 -3,043 1.5174

09/30/98 ..................... . 322,553 315,014 -2,856 1.5320
FOR EIGN CUR RENCY PO SI TIONS 99

SEC TION I.—Ca na dian Dol lar Po si tions, con.

TA BLE FCP-I-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Ca na dian

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec........ . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646

1996 - Dec........ . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708

1997 - Oct. ....... . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088

Nov. ....... . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240

Dec. ....... . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298

1998 - Jan. ....... . 306,286 297,285 75,869 65,720 48,844 56,506 40,699 33,080 -4,977 157,700 1.4548

Feb. ....... . 323,566 314,829 76,702 68,522 43,959 50,726 43,789 39,724 -3,244 159,001 1.4240

Mar. ....... . 290,734 286,012 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195

Apr. ....... . 288,488 282,467 65,624 55,121 48,887 57,726 46,758 45,038 -4,855 160,579 1.4317

May ....... . 280,809 277,065 61,206 51,996 42,233 49,052 45,402 43,884 -3,642 162,434 1.4571

June....... . 295,548 291,082 64,524 56,100 45,159 52,398 53,283 49,979 -3,800 160,067 1.4690

July ....... . 308,830 301,689 67,857 52,869 49,381 61,157 55,545 51,646 -5,102 161,346 1.5120

Aug. ....... . 341,096 335,128 71,303 59,467 69,684 82,658 n.a. 72,167 -2,045 162,627 1.5695

Sept. ...... . 335,636 325,822 62,513 55,989 68,085 72,926 71,770 70,594 -2,864 161,043 1.5320

TA BLE FCP-I-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of Ca na dian dol lars. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Ca na dian

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1994 - Dec........ . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030

1995 - Dec........ . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646

1996 - Sept. ...... . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621

Dec. ....... . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708

1997 - Mar. ....... . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854

June....... . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806

Sept. ...... . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815

Dec. ....... . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298

1998 - Mar. ....... . 30,834 34,505 60,049 51,682 1,463 755 1,769 726 -420 10,322 1.4195

June....... . 29,615 32,133 61,414 46,881 1,553 678 1,452 1,067 n.a. 13,436 1.4690
100 FOR EIGN CUR RENCY PO SI TIONS

04/08/98 ..................... . 2,401,511 2,390,165 -12,906 1.8150

04/15/98 ..................... . 2,340,006 2,332,000 -12,876 1.8014

04/22/98 ..................... . 2,436,585 2,420,167 -13,565 1.7940

04/29/98 ..................... . 2,445,807 2,429,655 -10,977 1.7959

05/06/98 ..................... . 2,519,405 2,507,924 -10,051 1.7652

05/13/98 ..................... . 2,412,797 2,398,795 -14,577 1.7795

05/20/98 ..................... . 2,371,224 2,361,237 -12,735 1.7705

05/27/98 ..................... . 2,499,201 2,471,548 -17,535 1.7838

06/03/98 ..................... . 2,369,856 2,341,997 -13,767 1.7707

06/10/98 ..................... . 2,439,694 2,417,264 -19,374 1.7958

06/17/98 ..................... . 2,354,380 2,321,895 -22,074 1.7870

06/24/98 ..................... . 2,250,729 2,218,181 -22,877 1.8032

07/01/98 ..................... . 2,316,412 2,284,090 -22,412 1.8188

07/08/98 ..................... . 2,225,457 2,191,579 -19,952 1.8195

07/15/98 ..................... . 2,326,609 2,296,453 -17,409 1.7991

07/22/98 ..................... . 2,208,229 2,175,458 -17,706 1.7896

07/29/98 ..................... . 2,364,482 2,333,951 -14,571 1.7721

08/05/98 ..................... . 2,299,367 2,266,360 -13,708 1.7703

08/12/98 ..................... . 2,354,217 2,327,641 -13,851 1.7865

08/19/98 ..................... . 2,329,615 2,294,487 -13,596 1.7982

08/26/98 ..................... . 2,352,207 2,317,643 -12,571 1.8072

09/02/98 ..................... . 2,548,521 2,504,058 -12,351 1.7490

09/09/98 ..................... . 2,616,880 2,554,556 -10,357 1.7213

09/16/98 ..................... . 2,581,711 2,518,428 -7,376 1.6945

09/23/98 ..................... . 2,619,797 2,550,408 -7,233 1.6779

09/30/98 ..................... . 2,553,492 2,477,409 -5,157 1.6675

SEC TION II.—Ger man Mark Po si tions

TA BLE FCP-II-1.—Weekly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Spot, for ward, Ex change rate

 and fu ture con tracts (Deut sche

Net op tions marks per

Re port Pur chased Sold po si tions U.S. dol lar)

date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 101

1994 - Dec........ . 304,637 287,651 103,734 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495

1995 - Dec........ . 232,935 242,840 116,608 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385

1996 - Sept. ...... . 247,393 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254

Dec. ....... . 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420

1997 - Mar. ....... . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750

June....... . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457

Sept. ...... . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600

Dec. ....... . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990

1998 - Mar. ....... . 231,182 229,947 129,386 109,382 28,389 23,930 24,724 19,190 -1,892 28,359 1.8493

June....... . 238,746 228,718 121,956 102,124 24,910 21,817 24,410 16,633 633 27,774 1.8090

TA BLE FCP-II-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Deut sche

Net delta rate marks per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec........ . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385

1996 - Dec........ . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420

1997 - Oct. ....... . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248

Nov. ....... . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647

Dec. ....... . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990

1998 - Jan. ....... . 2,380,985 2,378,196 280,599 275,977 630,785 649,746 648,910 675,016 -5,939 397,824 1.8312

Feb. ....... . 2,327,236 2,340,808 303,501 305,247 607,570 629,483 621,002 650,738 -9,397 400,530 1.8155

Mar. ....... . 2,297,728 2,299,357 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493

Apr. ....... . 2,403,695 2,391,849 285,563 291,087 651,132 683,492 615,610 646,558 -7,844 425,549 1.7965

May ....... . 2,458,329 2,439,116 302,336 295,365 717,950 761,784 666,730 703,763 -18,116 434,885 1.7867

June....... . 2,300,692 2,270,451 295,827 288,794 820,499 863,030 737,637 743,605 -22,419 432,794 1.8090

July ....... . 2,357,644 2,336,709 307,828 298,406 773,631 781,046 676,450 701,082 -20,599 445,529 1.7770

Aug. ....... . 2,572,257 2,526,032 336,391 325,464 766,999 822,664 742,841 748,500 -10,593 452,509 1.7552

Sept. ...... . 2,646,657 2,578,089 360,367 344,131 837,092 857,068 759,006 763,257 -5,139 n.a. 1.6675

SEC TION II—Ger man Mark Po si tions, con.

TA BLE FCP-II-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Ger man marks. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Deut sche

Net delta rate marks per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps U.S. dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
102 FOR EIGN CUR RENCY PO SI TIONS

SEC TION III.—Jap a nese Yen Po si tions

TA BLE FCP-III-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Spot, for ward, Ex change rate

 and fu ture con tracts (Yen

Net op tions per U.S.

Re port Pur chased Sold po si tions dol lar)

date (1) (2) (3) (4)

04/08/98 ..................... . 189,539 196,769 2,361 131.2700

04/15/98 ..................... . 190,869 198,894 2,028 130.0000

04/22/98 ..................... . 189,088 197,094 2,241 130.4200

04/29/98 ..................... . 199,846 207,662 2,139 132.4000

05/06/98 ..................... . 192,472 200,108 2,000 133.2000

05/13/98 ..................... . 187,081 195,429 2,152 134.2000

05/20/98 ..................... . 191,748 200,007 2,529 136.0200

05/27/98 ..................... . 197,975 206,228 2,798 137.4700

06/03/98 ..................... . 197,307 204,902 2,245 138.2500

06/10/98 ..................... . 203,657 211,685 2,396 141.5500

06/17/98 ..................... . 225,459 234,864 3,095 136.5600

06/24/98 ..................... . 211,882 220,983 1,730 141.5000

07/01/98 ..................... . 226,020 236,486 3,204 138.0500

07/08/98 ..................... . 214,931 225,255 3,036 139.4800

07/15/98 ..................... . 219,664 229,976 3,075 140.5500

07/22/98 ..................... . 216,638 227,125 3,050 141.2200

07/29/98 ..................... . 223,346 233,528 2,159 142.4000

08/05/98 ..................... . 222,391 232,121 2,110 143.9800

08/12/98 ..................... . 229,079 239,665 2,229 146.2900

08/19/98 ..................... . 230,310 239,530 1,959 144.1200

08/26/98 ..................... . 225,574 234,971 1,965 144.1000

09/02/98 ..................... . 242,634 251,212 1,892 137.8300

09/09/98 ..................... . 244,767 253,100 1,800 136.9500

09/16/98 ..................... . 243,225 250,867 1,986 135.2600

09/23/98 ..................... . 240,125 247,032 1,858 135.8200

09/30/98 ..................... . 231,744 237,535 1,582 136.5500
FOR EIGN CUR RENCY PO SI TIONS 103

1994 - Dec........ . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000

1995 - Dec........ . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200

1996 - Sept. ...... . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500

Dec. ....... . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000

1997 - Mar. ....... . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.7500

June....... . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.6600

Sept. ...... . 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.3800

Dec. ....... . 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.5800

1998 - Mar. ....... . 14,394 15,201 10,362 10,316 936 1,069 2,746 1,068 -923 3,751 133.2300

June....... . 15,816 16,904 9,353 9,840 882 1,223 3,583 1,066 -1,532 4,010 138.9800

TA BLE FCP-III-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Yen

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec........ . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200

1996 - Dec........ . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000

1997 - Oct. ....... . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500

Nov. ....... . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500

Dec. ....... . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800

1998 - Jan. ....... . 193,006 198,794 32,244 30,345 35,123 34,659 48,956 49,167 1,194 71,768 127.1000

Feb. ....... . 195,207 199,614 30,741 28,780 32,953 32,756 48,097 48,649 1,034 71,549 126.0800

Mar. ....... . 187,453 196,116 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300

Apr. ....... . 194,060 203,415 31,487 30,196 38,138 37,690 56,413 56,405 2,035 72,981 132.8500

May ....... . 194,693 204,692 30,489 29,571 40,001 39,980 59,564 60,737 2,364 73,499 138.9300

June....... . 222,593 234,994 28,150 28,201 57,796 55,601 78,741 80,977 3,079 75,287 138.9800

July ....... . 221,908 234,399 31,522 31,670 50,286 49,542 83,916 82,227 2,651 76,538 144.7000

Aug. ....... . 228,184 239,486 29,654 29,828 60,545 51,934 83,510 85,391 2,144 78,406 140.5800

Sept. ...... . 236,459 243,859 31,158 32,104 54,306 54,041 82,101 83,496 1,582 96,855 136.5500

SEC TION III.—Jap a nese Yen Po si tions, con.

TA BLE FCP-III-2.—Monthly Re port of Ma jor Mar ket Par tic i pants 

[In bil lions of Jap a nese yen. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Yen

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
104 FOR EIGN CUR RENCY PO SI TIONS

SEC TION IV.—Swiss Franc Po si tions

TA BLE FCP-IV-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of Swiss francs. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Spot, for ward, Ex change rate

 and fu ture con tracts (Francs

Net op tions per U.S.

Re port Pur chased Sold po si tions dol lar)

date (1) (2) (3) (4)

04/08/98 ..................... . 609,287 623,460 6,183 1.5085

04/15/98 ..................... . 581,437 597,447 7,628 1.4965

04/22/98 ..................... . 629,783 646,894 8,118 1.4865

04/29/98 ..................... . 590,877 607,234 8,689 1.4983

05/06/98 ..................... . 588,317 604,557 9,466 1.4736

05/13/98 ..................... . 583,914 599,414 8,682 1.4815

05/20/98 ..................... . 595,010 607,546 6,651 1.4768

05/27/98 ..................... . 628,195 641,695 6,180 1.4740

06/03/98 ..................... . 605,585 618,413 7,283 1.4755

06/10/98 ..................... . 623,087 639,304 5,750 1.4860

06/17/98 ..................... . 572,683 584,634 6,412 1.4892

06/24/98 ..................... . 551,030 560,491 3,955 1.5089

07/01/98 ..................... . 599,597 610,386 2,816 1.5285

07/08/98 ..................... . 574,910 585,165 1,983 1.5295

07/15/98 ..................... . 572,025 582,019 3,866 1.5122

07/22/98 ..................... . 551,362 560,957 4,772 1.5117

07/29/98 ..................... . 586,308 598,158 8,242 1.4838

08/05/98 ..................... . 564,419 576,866 7,925 1.4880

08/12/98 ..................... . 605,923 618,153 7,254 1.4895

08/19/98 ..................... . 578,645 587,957 5,108 1.5065

08/26/98 ..................... . 554,352 565,601 5,172 1.5060

09/02/98 ..................... . 612,518 624,996 5,247 1.4440

09/09/98 ..................... . 605,919 618,161 5,669 1.4117

09/16/98 ..................... . 587,329 595,753 7,993 1.3932

09/23/98 ..................... . 571,481 579,903 8,054 1.3900

09/30/98 ..................... . 521,494 531,777 8,444 1.3812
FOR EIGN CUR RENCY PO SI TIONS 105

1994 - Dec........ . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100

1995 - Dec........ . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545

1996 - Sept. ...... . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550

Dec. ....... . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420

1997 - Mar. ....... . 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480

June....... . 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620

Sept. ...... . 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485

Dec. ....... . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625

1998 - Mar. ....... . 38,650 36,049 20,771 14,192 n.a. n.a. 5,438 4,367 -735 12,652 1.5240

June....... . 38,244 32,456 19,256 13,858 n.a. n.a. 3,513 2,147 -421 18,057 1.5210

TA BLE FCP-IV-3.—Quar terly Re port of Large Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Francs

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec........ . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545

1996 - Dec........ . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420

1997 - Oct. ....... . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990

Nov. ....... . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264

Dec. ....... . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625

1998 - Jan. ....... . 613,207 638,723 33,192 37,159 91,648 89,128 115,764 121,794 5,125 127,317 1.4780

Feb. ....... . 593,341 613,641 38,259 42,224 90,116 88,884 118,321 123,453 4,993 133,393 1.4660

Mar. ....... . 581,900 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240

Apr. ....... . 595,017 611,454 34,779 37,632 84,515 80,899 111,676 108,820 8,631 130,652 1.5018

May ....... . 621,922 631,079 40,368 41,918 97,930 90,328 117,103 119,984 5,607 134,475 1.4846

June....... . 603,939 616,370 35,979 35,675 96,595 92,986 113,830 114,837 3,127 125,763 1.5210

July ....... . 602,438 613,712 39,760 40,677 97,300 90,680 108,979 113,535 3,083 128,191 1.4920

Aug. ....... . 647,412 656,444 39,874 40,692 99,994 98,185 104,998 107,313 4,954 129,785 1.4430

Sept. ...... . 550,255 558,225 51,262 52,919 97,310 90,608 101,652 106,256 8,406 138,062 1.3812

SEC TION IV.—Swiss Franc Po si tions, con.

TA BLE FCP-IV-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of Swiss francs. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (Francs

Net delta rate per U.S.

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps dol lar)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
106 FOR EIGN CUR RENCY PO SI TIONS

04/08/98 ..................... . 413,495 403,191 1,375 1.6755

04/15/98 ..................... . 396,573 387,640 1,019 1.6855

04/22/98 ..................... . 406,432 396,860 806 1.6712

04/29/98 ..................... . 415,633 405,839 638 1.6702

05/06/98 ..................... . 424,450 413,205 1,010 1.6580

05/13/98 ..................... . 432,681 419,334 1,092 1.6320

05/20/98 ..................... . 421,564 406,279 178 1.6325

05/27/98 ..................... . 438,991 426,406 1,147 1.6305

06/03/98 ..................... . 421,797 411,513 1,595 1.6364

06/10/98 ..................... . 441,790 431,559 1,927 1.6288

06/17/98 ..................... . 452,150 447,007 2,949 1.6675

06/24/98 ..................... . 449,852 440,657 3,742 1.6678

07/01/98 ..................... . 483,479 470,487 3,465 1.6592

07/08/98 ..................... . 464,061 449,764 2,484 1.6363

07/15/98 ..................... . 484,206 466,618 1,282 1.6345

07/22/98 ..................... . 479,020 461,924 1,597 1.6430

07/29/98 ..................... . 514,870 499,826 1,234 1.6433

08/05/98 ..................... . 508,852 494,957 1,859 1.6360

08/12/98 ..................... . 528,319 516,035 2,921 1.6260

08/19/98 ..................... . 511,757 498,906 1,574 1.6220

08/26/98 ..................... . 525,451 514,721 2,472 1.6373

09/02/98 ..................... . 532,920 524,392 2,654 1.6692

09/09/98 ..................... . 536,369 526,760 2,166 1.6670

09/16/98 ..................... . 520,572 513,504 1,900 1.6775

09/23/98 ..................... . 516,445 508,802 1,997 1.6858

09/30/98 ..................... . 519,383 511,966 2,181 1.6996

SEC TION V.—Ster ling Po si tions

TA BLE FCP-V-1.—Weekly Re port of Ma jor Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Spot, for ward, 

 and fu ture con tracts Ex change rate

Net op tions (U.S. dol lars 

Re port Pur chased Sold po si tions per pound)

date (1) (2) (3) (4)
FOR EIGN CUR RENCY PO SI TIONS 107

1994 - Dec........ . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665

1995 - Dec........ . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500

1996 - Sept. ...... . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646

Dec. ....... . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120

1997 - Mar. ....... . 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392

June....... . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642

Sept. ...... . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190

Dec. ....... . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480

1998 - Mar. ....... . 37,873 43,466 53,634 39,424 2,558 1,904 3,572 1,784 373 7,216 1.6720

June....... . 31,039 37,968 48,790 36,477 2,203 2,483 4,567 2,040 -591 7,917 1.6672

TA BLE FCP-V-3.—Quar terly Re port of Large Mar ket Par tic i pants 

[In mil lions of pounds ster ling. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (U.S.

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)

1995 - Dec........ . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500

1996 - Dec........ . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120

1997 - Oct. ....... . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730

Nov. ....... . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880

Dec. ....... . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480

1998 - Jan. ....... . 405,480 389,483 82,928 90,049 62,190 62,406 64,902 70,662 898 81,577 1.6330

Feb. ....... . 399,742 386,855 85,064 91,906 63,940 63,777 65,722 69,576 1,308 82,754 1.6437

Mar. ....... . 409,091 400,265 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720

Apr. ....... . 415,998 407,262 85,364 90,940 73,993 74,249 73,590 77,099 969 89,507 1.6705

May ....... . 437,354 426,555 87,465 91,688 77,981 76,361 76,478 79,795 1,177 89,522 1.6310

June....... . 487,634 473,141 88,629 93,982 85,210 82,575 88,254 95,234 3,349 89,349 1.6672

July ....... . 520,350 505,598 93,811 100,086 79,358 73,859 85,439 87,484 1,056 90,633 1.6330

Aug. ....... . 562,428 553,852 99,899 106,286 76,247 72,133 82,202 84,781 2,527 92,604 1.6790

Sept. ...... . 516,082 509,726 97,086 102,222 72,082 68,439 67,369 83,151 2,158 131,405 1.6996

SEC TION V.—Ster ling Po si tions, con.

TA BLE FCP-V-2.—Monthly Re port of Ma jor Mar ket Par tic i pants

[In mil lions of pounds ster ling. Source: Of fice of In ter na tional Fi nan cial Anal y sis]

 Op tions po si tions Cross Ex change

 Spot, for ward, cur rency rate

 and fu ture con tracts Non-capital items Calls Puts in ter est (U.S. 

Net delta rate dol lars per

Re port Pur chased Sold As sets Li a bil i ties Bought Written Bought Written equiv a lent swaps pound)

date (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11)
108

IN TRO DUC TION: Ex change Sta bi li za tion Fund

To sta bi lize the ex change value of the dol lar, the Exchange Sta bi li za tion Fund (ESF) was es tab lished un der the

Gold Re serve Act of Jan u ary 30, 1934 (31 U.S.C. 5302),

which au tho rized es tab lish ment of a Trea sury De part ment

fund to be op er ated un der the ex clu sive con trol of the Sec re -

tary, with ap proval of the Pres i dent.

Sub se quent amend ment of the Gold Re serve Act mod i -

fied the orig i nal pur pose some what to re flect ter mi na tion of

the fixed ex change rate sys tem.

Re sources of the fund in clude dol lar bal ances, par tially

in vested in U.S. Gov ern ment se cu ri ties, spe cial draw ing

rights (SDRs), and bal ances of for eign cur ren cies. Prin ci pal

sources of in come (+) or loss (-) for the fund are prof its (+) or

losses (-) on SDRs and for eign ex change, as well as in ter est

earned on as sets.

 • Ta ble ESF-1 pres ents the as sets, li a bil i ties, and cap i tal

of the fund. The fig ures are in U.S. dol lars or their equiv a lents

based on cur rent ex change rates com puted ac cord ing to the accrual method of ac count ing. The cap i tal ac count rep re sents the

orig i nal cap i tal ap pro pri ated to the fund by Con gress of $2 billion, mi nus a sub se quent trans fer of $1.8 bil lion to pay for the

ini tial U.S. quota sub scrip tion to the IMF. Gains and losses are

re flected in the cu mu la tive net in come (+) or loss (-) ac count.

• Ta ble ESF-2 shows the re sults of op er a tions by quar ter. 

Fig ures are in U.S. dol lars or their equiv a lents com puted accord ing to the ac crual method. “Profit (+) or loss (-) on for eign

ex change” in cludes re al ized prof its or losses. “Ad just ment for

change in val u a tion of SDR hold ings and al lo ca tions” re flects

net gain or loss on re val u a tion of SDR hold ings and al lo ca tions 

for the quar ter.

TA BLE ESF-1.—Bal ances as of Mar. 31, 1998, and June 30, 1998

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

See foot notes on the fol low ing page.

Mar. 31, 1998, 

 As sets, li a bil i ties and cap i tal Mar. 31, 1998 through June 30, 1998 June 30, 1998

As sets

U.S. dol lars:

 Held with Trea sury:

 U.S. Gov ern ment se cu ri ties .......... . 15,627,495 63,739 15,691,234

Spe cial draw ing rights

1

 . ................ . 10,108,061 -107,367 10,000,694

For eign ex change and se cu ri ties:

2

 Ger man marks ...................... . 5,703,066 195,103 5,898,169

 Jap a nese yen ...................... . 7,878,633 139,398 8,018,031

Ac counts re ceiv able ................... . 109,896 9,226 119,122

 To tal as sets. ....................... . 39,427,151 300,099 39,727,250

Li a bil i ties and cap i tal

Cur rent li a bil i ties:

 Ac counts pay able.................... . 63,667 158,983 222,650

 To tal cur rent li a bil i ties .............. . 63,667 158,983 222,650

Other li a bil i ties:

 Spe cial draw ing rights cer tif i cates........ . 9,200,000 - 9,200,000

 Spe cial draw ing rights al lo ca tions........ . 6,545,212 -21,274 6,523,938

 To tal other li a bil i ties. ............... . 15,745,212 -21,274 15,723,938

Cap i tal:

 Cap i tal ac count ..................... . 200,000 - 200,000

 Net in come (+) or loss (-) (see ta ble ESF-2) 23,418,272 162,390 23,580,662

 To tal cap i tal ...................... . 23,618,272 162,390 23,780,662
EX CHANGE STA BI LI ZA TION FUND 109

Cur rent quar ter 

 Apr. 1, 1998, through June 30, 1998

Fis cal year to date 

Oct. 1, 1997, through June 30, 1998

 In come and expense

 Profit (+) or loss (-) on:

 For eign ex change. ................................................... . -134,910 -1,221,549 

 Ad just ment for change in val u a tion of SDR hold ings and al lo ca tions

1

.............. . -13,557 -91,231 

 In ter est (+) or net charges (-) on:

 Spe cial draw ing rights. ................................................ . 38,527 112,144 

 U.S. Gov ern ment se cu ri ties............................................. . 214,023 641,921 

 For eign ex change.................................................... .

58,307 169,314 

 In come from op er a tions ............................................. .

162,390 -389,401 

TA BLE ESF-2.—In come and Ex pense

[In thou sands of dol lars. Source: Of fice of the As sis tant Sec re tary of the Trea sury for Man age ment]

1

 Be gin ning July 1974, the In ter na tional Mon e tary Fund adopted a tech nique for val u ing the

spe cial draw ing rights (SDRs) based on a weighted av er age of ex change rates for the cur ren -

cies of se lected mem ber coun tries. The U.S. SDR hold ings and al lo ca tions are val ued on this

ba sis be gin ning July 1974.

2

 Ex cludes for eign ex change trans ac tions for fu ture and spot de liv ery.

 Note.—An nual bal ance sheets for fis cal years 1934 through 1940 ap peared in the 1940

“An nual Re port of the Sec re tary of the Trea sury” and those for suc ceed ing years ap peared in

sub se quent re ports through 1980. Quar terly bal ance sheets be gin ning with De cem ber 31,

1938, have been pub lished in the “Trea sury Bul le tin.” Data from in cep tion to Sep tem ber 30,

1978, may be found on the state ments pub lished in the Jan u ary 1979 “Trea sury Bul le tin.”
IN TRO DUC TION: Trust Funds

113

CHART TF-A.—Ma jor Trust Funds

To tal Net In crease or De crease in As sets

(In bil lions of dol lars)

Source: Fi nan cial Man age ment Ser vice

The ta bles and charts in this sec tion pres ent the most recent data avail able on var i ous trust funds ad min is tered by the

Trea sury. Trust funds are mon eys held by the Gov ern ment in

ac counts es tab lished by law or by trust agree ment for spe cific

pur poses and des ig nated by law as be ing trust funds.

This re port com piles data from many sources and provides in for ma tion in a con sol i dated man ner. 

The Civil Ser vice Re tire ment and Dis abil ity Fund is op er -

ated by the Of fice of Per son nel Man age ment. The Fed eral

Hos pi tal In sur ance and Fed eral Sup ple men tary Med i cal Insur ance Trust Funds are un der the aus pices of the De part ment

of Health and Hu man Ser vices’ Health Care Fi nancing Admin is tra tion. The Fed eral Old-age and Sur vi vors In sur ance

and Fed eral Dis abil ity In sur ance Trust Funds are ad min is tered 

by So cial Se cu rity. 

In ad di tion, the De part ment of Vet erans Af fairs’ Vet erans

Ben e fits Ad min is tra tion dis burses the Na tional Ser vice Life

In sur ance Fund. And the De part ment of La bor, Em ploy ment

and Training Ad min is tra tion is re spon si ble for the Un em ploy -

ment Trust Fund.

Data for the Rail road Re tire ment Trust Fund are also included in this sec tion. That trust fund is ad min is tered by the

Rail road Re tire ment Board, an in de pend ent agency.

The fol low ing ta bles are pub lished in the De cem ber is sue

of the “Trea sury Bul le tin” each year. Most of the data for the

ta bles came from the “Monthly Trea sury State ment of Receipts and Out lays of the United States Gov ern ment,” in which

monthly data are pub lished. Es ti mated fig ures are based on the

“Bud get of the United States Gov ern ment, Fis cal Year 1999,”

re leased Feb ru ary 2, 1998.
114 TRUST FUNDS

CHART TF-B.—To tal Re ceipts of Ma jor Trust Funds

(In bil lions of dol lars)

1998

1997

Civil 

Service

Retirement 

and 

Disability

Fund

Federal 

Hospital

Insurance

Trust

Fund

Federal 

Disability

Insurance

Trust

Fund

Federal 

Old-age

and

Survivors

Insurance

Trust Fund

Federal 

Supplementary

Medical

Insurance

Trust Fund

National 

Service

Life

Insurance

Fund

Railroad

Retirement

Account

Unemployment Trust

Fund

0

50

100

150

200

250

300

350

400

450

Source: Fi nan cial Man age ment Ser vice
TRUST FUNDS 115

CHART TF-C.—To tal Ex pen di tures of Ma jor Trust Funds

(In bil lions of dol lars)

Source: Fi nan cial Man age ment Ser vice
116 TRUST FUNDS

TA BLE TF-1.—Civil Ser vice Re tire ment and Dis abil ity Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

Re ceipts 

Do na tions, service credit payments, and other In ter est and

Fis cal year Agencies’ Em ployees’ Fed eral mis cel la neous prof its on

or month To tal con tri bu tions con tri bu tions con tri bu tions re ceipts in vest ments

(1) (2) (3) (4) (5) (6)

1994.................. . 63,491 13,055 4,420 19,793 179 26,139

1995.................. . 65,699 13,206 4,318 19,950 168 28,056

1996.................. . 67,336 13,632 4,251 20,060 154 29,239

1997.................. . 70,228 14,133 4,205 21,254 154 30,483

1998.................. . 72,229 14,828 4,124 21,357 153 31,766

1999 - Est.............. . 74,288 14,860 4,364 21,484 25 33,555

1997 - Oct ............. . 1,415 1,003 392 - 18 3

 Nov ............. . 1,306 848 318 - 11 129

 Dec ............. . 16,934 1,075 406 - 15 15,437

1998 - Jan ............. . 1,251 857 316 - 11 66

 Feb ............. . 1,282 881 319 - 12 69

 Mar ............. . 1,288 903 320 - 13 53

 Apr ............. . 1,268 905 318 - 9 35

 May ............. . 1,620 1,060 388 - 13 159

 June ............ . 16,962 976 350 - 13 15,623

 July ............. . 1,421 1,009 367 - 12 33

 Aug ............. . 1,308 905 314 - 13 76

 Sept............. . 26,173 4,405 316 21,357 13 82

Fis cal 1998............. . 72,229 14,828 4,124 21,357 153 31,766

Fis cal year To tal ex pen di tures Net in crease, As sets, end of pe riod

or month other than in vest ments or de crease (-), in as sets To tal In vest ments Un ex pended bal ance

(7) (8) (9) (10) (11)

1994.................. . 36,364 27,127 337,638 338,889 -1,251

1995.................. . 38,435 27,264 364,901 366,126 -1,225

1996.................. . 39,778 27,558 392,459 385,443 7,016

1997.................. . 41,723 28,505 420,965 414,404 6,561

1998.................. . 43,058 29,170 450,135 446,757 3,378

1999 - Est ............. . 45,116 29,172 480,144 480,144 -

1997 - Oct ............. . 3,528 -2,113 418,851 412,313 6,538

 Nov ............. . 3,471 -2,164 416,687 410,098 6,589

 Dec ............. . 3,481 13,453 430,140 424,260 5,880

1998 - Jan ............. . 3,602 -2,352 427,788 423,816 3,972

 Feb ............. . 3,566 -2,285 425,504 421,401 4,103

 Mar ............. . 3,637 -2,348 423,156 419,064 4,092

 Apr ............. . 3,649 -2,381 420,774 416,774 4,000

 May ............. . 3,598 -1,977 418,797 414,745 4,052

 June ............ . 3,635 13,328 432,125 428,282 3,843

 July ............. . 3,654 -2,233 429,891 426,165 3,726

 Aug ............. . 3,577 -2,269 427,622 423,818 3,804

 Sept ............ . 3,661 22,513 450,135 446,757 3,378

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998.
TRUST FUNDS 117

TA BLE TF-2.—Fed eral Hos pi tal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year In ter est and prof its

or month To tal Net ap pro pri a tions Fed eral pay ments De posits by States on in vest ments Other

(1) (2) (3) (4) (5) (6)

1994 ............ . 106,114 91,513 2,247 * 10,593 1,762

1995 ............ . 114,786 97,489 4,504 * 10,870 1,922

1996 ............ . 123,501 106,422 4,696 1 10,389 1,992

1997 ............ . 128,583 112,137 4,319 17 9,758 2,353

1998 ............ . 138,100 121,308 5,331 -2 9,154 2,308

1999 - Est........ . 141,919 126,614 5,991 - 8,765 549

1997 - Oct ....... . 9,133 8,907 * * 60 165

 Nov ....... . 9,856 9,679 * - 17 159

 Dec ....... . 16,048 11,489 * - 4,403 157

1998 - Jan ....... . 12,633 10,927 1,528 1 9 168

 Feb ....... . 8,792 8,623 * - 8 160

 Mar ....... . 10,112 9,756 192 -3 8 159

 Apr........ . 14,689 12,302 2,200 - 24 163

 May ....... . 9,017 8,829 2 * 27 160

 June ...... . 17,357 11,610 669 - 4,529 548

 July ....... . 9,137 8,891 68 - 14 165

 Aug ....... . 9,312 9,130 * - 33 149

 Sept....... . 12,014 11,165 670 - 22 157

Fis cal 1998....... . 138,100 121,308 5,331 -2 9,154 2,308

Ex pen di tures other than investments Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended

or month To tal pay ments ex penses Other (-), in as sets To tal In vest ments bal ance

(7) (8) (9) (10) (11) (12) (13) (14)

1994 ............ . 102,770 101,535 1,235 * 3,344 125,562 128,716 -3,154

1995 ............ . 114,883 113,583 1,297 2 -97 125,465 129,864 -4,399

1996 ............ . 125,317 124,088 1,222 7 -1,816 123,649 125,805 -2,156

1997 ............ . 137,378 136,175 1,179 24 -8,795 114,854 116,621 -1,767

1998 ............ . 136,690 135,487 1,178 25 1,410 -7,385 118,250 -125,635

1999 - Est ........ . 145,014 131,949 1,213 11,851 -3,095 107,896 107,896 -

1997 - Oct ........ . 12,990 12,891 96 3 -3,857 -12,653 112,707 -125,360

 Nov........ . 8,972 8,869 101 2 884 -11,769 113,798 -125,567

 Dec........ . 13,472 13,387 81 3 2,576 -9,192 116,441 -125,633

1998 - Jan ........ . 10,764 10,689 73 2 1,869 -7,324 118,056 -125,380

 Feb........ . 11,167 11,026 140 2 -2,376 -9,699 116,518 -126,217

 Mar........ . 10,513 10,396 114 2 -401 -10,100 116,904 -127,004

 Apr ........ . 12,127 11,994 131 1 2,562 -7,538 120,451 -127,989

 May ....... . 10,693 10,663 31 -1 -1,675 -9,213 115,663 -124,876

 June ....... . 10,962 10,827 129 7 6,394 -2,819 122,736 -125,555

 July........ . 14,479 14,427 57 -4 -5,342 -8,160 119,236 -127,396

 Aug........ . 9,324 9,191 127 7 -13 -8,173 116,952 -125,125

 Sept ....... . 11,226 11,125 99 2 788 -7,385 118,250 -125,635

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998.
118 TRUST FUNDS

TA BLE TF-3.—Fed eral Dis abil ity In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Re ceipts Ex pen di tures other than in vest ments

Fis cal year De posits In ter est and prof its Ben e fit

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments

(1) (2) (3) (4) (5) (6) (7)

1994 .............. . 34,017 33,008 * 698 310 37,984 36,860

1995 .............. . 70,148 67,919 * 1,888 341 41,380 40,242

1996 .............. . 59,435 56,528 - 2,481 426 44,355 43,278

1997 .............. . 60,112 56,135 6 3,526 446 46,701 45,430

1998 .............. . 62,956 57,944 1 4,432 579 49,459 47,739

1999 - Est.......... . 66,210 66,100 - 5,100 10 53,490 51,873

1997 - Oct.......... . 4,051 3,881 * 10 160 3,953 3,849

 Nov ......... . 4,162 4,152 - 10 1 3,926 3,823

 Dec ......... . 6,609 4,538 - 2,069 1 4,037 3,866

1998 - Jan ......... . 5,582 5,459 * 2 121 4,075 3,924

 Feb ......... . 4,607 4,595 - 9 3 4,061 3,959

 Mar ......... . 5,204 5,192 1 7 4 4,126 4,021

 Apr.......... . 6,296 6,160 - 14 122 4,137 4,017

 May ......... . 4,715 4,678 * 34 3 4,177 4,043

 June......... . 8,189 5,929 - 2,258 2 4,406 4,022

 July ......... . 4,630 4,467 - 3 161 4,237 4,056

 Aug ......... . 4,568 4,560 - 8 1 4,147 4,065

 Sept......... . 4,342 4,332 - 8 2 4,178 4,093

Fis cal 1998 ......... . 62,956 57,944 1 4,432 579 49,459 47,739

 Ex pen di tures other than investments, con.

Pay ments

to rail road Net in crease, As sets, end of pe riod

Fis cal year re tire ment Ad min is tra tive or de crease Un ex pended

or month ac count ex penses Other (-), in as sets To tal In vest ments bal ance

(8) (9) (10) (11) (12) (13) (14)

1994............. . 106 1,018 1 -3,967 7,311 6,100 1,211

1995............. . 68 1,064 5 28,768 36,079 35,225 854

1996............. . 2 1,060 15 15,080 51,160 50,100 1,060

1997............. . 59 1,160 52 13,411 64,571 63,562 1,009

1998............. . 157 1,488 76 13,497 78,068 76,996 1,072

1999 - Est ........ . 95 1,438 84 12,720 88,563 88,563 -

1997 - Oct ........ . - 99 5 98 64,669 63,687 982

 Nov ........ . - 99 3 236 64,905 63,910 995

 Dec ........ . - 163 7 2,572 67,477 66,367 1,110

1998 - Jan ........ . - 147 4 1,507 68,984 68,013 971

 Feb ........ . - 98 3 547 69,531 68,607 924

 Mar ........ . - 100 5 1,078 70,609 69,650 959

 Apr ........ . - 116 3 2,159 72,768 71,815 953

 May........ . - 127 7 538 73,306 72,318 988

 June ....... . 157 204 24 3,783 77,089 76,068 1,021

 July ........ . - 170 11 393 77,482 76,462 1,020

 Aug ....... . - 84 -2 421 77,903 76,886 1,017

 Sept ....... . - 79 6 165 78,068 76,996 1,072

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998. 
TRUST FUNDS 119

TA BLE TF-4.—Fed eral Old-Age and Sur vi vors In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Ex pen di tures other than in vest ments

Re ceipts Pay ments to railFis cal year De posits Net earn ings Ben e fit road re tire ment

or month To tal Ap pro pri a tions by States on in vest ments Other To tal pay ments ac count

(1) (2) (3) (4) (5) (6) (7) (8)

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(9) (10) (11) (12) (13) (14)

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998.

1994 ............ . 341,973 308,134 -45 28,505 5,379 281,586 276,292 3,420

1995 ............ . 325,860 289,299 1 31,417 5,143 294,474 288,622 4,052

1996 ............ . 357,041 316,965 33 34,026 3,013 305,461 299,987 3,554

1997 ............ . 386,485 342,013 30 37,688 6,754 318,569 312,880 3,688

1998 ............ . 415,687 364,632 -5 42,197 8,863 329,769 324,274 3,662

1999 - Est ........ . 438,568 374,612 - 46,523 17,433 345,176 336,904 3,690

1997 - Oct ........ . 27,042 24,428 * 65 2,550 26,618 26,463 -

 Nov........ . 26,217 26,133 - 67 17 26,607 26,444 -

 Dec........ . 48,792 28,608 4 20,159 20 26,954 26,758 -

1998 - Jan ........ . 36,345 34,348 -1 12 1,986 27,163 27,028 -

 Feb........ . 29,007 28,942 -11 57 20 27,219 27,036 -

 Mar........ . 32,785 32,714 3 51 17 27,299 27,111 -

 Apr ........ . 40,511 38,440 - 89 1,982 27,201 27,106 -

 May ....... . 29,609 29,396 * 212 2 27,316 27,168 -

 June ....... . 58,895 37,518 - 21,353 24 31,024 27,227 3,662

 July........ . 30,247 28,018 - 12 2,218 27,483 27,280 -

 Aug........ . 28,702 28,628 * 63 11 27,275 27,267 -

 Sept ....... . 27,535 27,459 * 60 16 27,611 27,387 -

1994 ............ . 1,875 - 60,387 424,303 413,425 10,878

1995 ............ . 1,799 - 31,386 455,688 447,947 7,741

1996 ............ . 1,791 129 51,580 507,269 499,403 7,866

1997 ............ . 2,001 - 67,916 575,185 567,445 7,740

1998 ............ . 1,832 - 85,919 661,104 653,282 7,822

1999 - Est ........ . 2,133 2,449 93,392 746,461 746,461 -

1997 - Oct ........ . 155 - 424 575,609 567,905 7,704

 Nov........ . 162 - -390 575,219 567,453 7,766

 Dec........ . 196 - 21,838 597,057 589,082 7,975

1998 - Jan........ . 136 - 9,181 606,239 598,426 7,813

 Feb........ . 183 - 1,788 608,027 600,256 7,771

 Mar........ . 188 - 5,487 613,513 605,741 7,772

 Apr ........ . 95 - 13,310 626,823 618,967 7,856

 May ....... . 148 - 2,293 629,116 621,248 7,868

 June ....... . 135 - 27,871 656,988 648,883 8,105

 July........ . 203 - 2,765 659,752 651,777 7,975

 Aug........ . 8 - 1,427 661,180 653,016 8,164

 Sept ....... . 224 - -76 661,104 653,282 7,822
120 TRUST FUNDS

TA BLE TF-5.—Fed eral Sup ple men tary Med i cal In sur ance Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other than in vest -

ments

Fis cal year Fed eral In ter est and prof its Ben e fit

or month To tal Pre miums con tri bu tions on in vest ments Other To tal pay ments

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(8) (9) (10) (11) (12) (13)

1994 .............. . 57,367 15,212 38,355 2,116 1,685 59,724 58,006

1995 .............. . 58,169 17,126 36,988 1,935 2,120 65,213 63,491

1996 .............. . 82,025 16,858 61,702 1,388 2,077 68,946 67,176

1997 .............. . 80,806 16,984 59,471 2,192 2,159 72,553 71,133

1998 .............. . 81,955 17,153 59,919 2,606 2,277 76,272 74,837

1999 - Est .......... . 95,126 20,101 62,036 2,565 10,424 94,586 82,407

1997 - Oct .......... . 6,673 1,430 5,035 21 187 7,599 7,479

 Nov.......... . 6,593 1,408 4,985 11 188 5,030 4,925

 Dec.......... . 8,004 1,427 5,184 1,206 187 7,716 7,652

1998 - Jan .......... . 6,599 1,431 4,963 16 189 6,622 6,543

 Feb.......... . 6,550 1,420 4,927 14 189 6,046 5,813

 Mar.......... . 6,654 1,444 5,005 15 190 5,575 5,465

 Apr .......... . 6,528 1,408 4,894 37 189 6,567 6,439

 May ......... . 6,571 1,422 4,942 15 192 6,346 6,237

 June ......... . 7,899 1,453 5,029 1,228 189 6,837 6,703

 July.......... . 6,601 1,429 4,963 17 193 6,541 6,447

 Aug.......... . 6,618 1,433 4,980 12 192 5,152 5,005

 Sept ......... . 6,665 1,447 5,013 14 190 6,242 6,129

1994 ............. . 1,718 * -2,357 20,567 21,489 -922

1995 ............. . 1,720 2 -7,044 13,523 13,513 10

1996 ............. . 1,733 5 13,079 26,602 27,175 -573

1997 ............. . 1,403 17 8,252 34,855 34,464 391

1998 ............. . 1,413 22 5,683 40,538 39,502 1,036

1999 - Est ......... . 1,443 10,736 540 40,044 40,044 -

1997 - Oct ......... . 118 2 -926 33,929 33,596 333

 Nov......... . 103 1 1,563 35,492 35,177 315

 Dec......... . 62 3 288 35,780 35,053 727

1998 - Jan......... . 77 1 -23 35,757 35,555 202

 Feb......... . 232 1 504 36,261 35,100 1,161

 Mar......... . 108 2 1,080 37,341 35,120 2,221

 Apr ......... . 127 1 -39 37,302 34,318 2,984

 May ........ . 106 4 224 37,526 37,430 96

 June ........ . 131 3 1,063 38,589 37,899 690

 July......... . 96 -3 60 38,649 36,083 2,566

 Aug......... . 142 5 1,466 40,115 39,578 537

 Sept ........ . 112 2 423 40,538 39,502 1,036

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998. 
TRUST FUNDS 121

TA BLE TF-6.—Na tional Ser vice Life In sur ance Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Ex pen di tures other

than in vest ments

 Re ceipts (ben e fits,

Trans fers from In ter est net lend ing, Net in crease, As sets, end of pe riod

Fis cal year Pre miums and gen eral and and prof its re funds, and or de crease Un ex pended

or month To tal other re ceipts spe cial funds on in vest ments div i dends) (-), in as sets To tal In vest ments bal ance

(1) (2) (3) (4) (5) (6) (7) (8) (9)

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998. 

1994.............. . 1,417 335 1 1,080 1,224 193 11,870 11,852 18

1995.............. . 1,348 272 2 1,074 1,249 98 11,968 11,954 14

1996.............. . 1,288 236 2 1,050 1,240 48 12,016 12,007 9

1997.............. . 1,248 231 2 1,015 1,227 21 12,058 12,023 35

1998.............. . 1,196 217 2 977 1,210 -15 12,044 12,008 36

1999 - Est ......... . 1,683 210 7 1,466 1,854 -171 11,769 11,769 -

1997 - Oct ......... . 20 17 * 2 90 -70 11,988 11,952 36

 Nov ......... . 17 14 * 3 85 -68 11,920 11,880 40

 Dec ......... . 502 19 * 482 94 408 12,327 12,291 36

1998 - Jan ......... . 22 22 * * 102 -80 12,247 12,206 41

 Feb ......... . 19 18 * 1 100 -81 12,167 12,122 45

 Mar ......... . 22 20 * 1 127 -105 12,062 12,025 37

 Apr ......... . 19 17 * 2 108 -89 11,973 11,935 38

 May ......... . 18 16 * 2 100 -81 11,892 11,864 28

 June ........ . 500 19 * 481 91 409 12,301 12,265 36

 July ......... . 21 20 * * 97 -76 12,224 12,185 39

 Aug ......... . 15 14 * 1 100 -86 12,139 12,108 31

 Sept......... . 21 19 * 3 117 -95 12,044 12,008 36
122 TRUST FUNDS

TA BLE TF-7.—Rail road Re tire ment Ac count

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts Ex pen di tures other

 In ter est than in vest ments

Fis cal year and prof its Ben e fit

or month To tal Ap pro pri a tions on in vest ments Other To tal pay ments

(1) (2) (3) (4) (5) (6)

 Ex pen di tures other than in vest ments, con. Net in crease, As sets, end of pe riod

Fis cal year Ad min is tra tive or de crease Un ex pended

or month ex penses Other (-), in as sets To tal In vest ments bal ance

(7) (8) (9) (10) (11) (12)

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998.

1994 ............ . 7,660 3,755 587 3,318 7,794 2,944

1995 ............ . 9,093 3,942 1,033 4,118 7,917 2,915

1996 ............ . 4,958 3,872 1,108 -21 7,992 2,940

1997 ............ . 9,270 4,051 1,234 3,985 8,322 2,984

1998 ............ . 10,443 4,353 2,017 4,073 8,391 2,984

1999 - Est ........ . 3,580 2,612 968 - 3,049 -

1997 - Oct ........ . 600 364 171 65 680 243

 Nov........ . 448 317 131 - 676 254

 Dec........ . 410 310 100 - 668 248

1998 - Jan........ . 563 378 122 63 683 250

 Feb........ . 543 434 109 - 685 251

 Mar........ . 526 486 41 - 680 247

 Apr ........ . 538 380 95 63 679 249

 May ....... . 817 395 422 - 679 247

 June ....... . 4,028 76 133 3,819 927 252

 July........ . 570 494 12 63 678 248

 Aug........ . 799 395 404 - 678 247

 Sept ....... . 601 324 277 - 678 247

1994 ............. . 70 4,780 -134 8,651 12,203 -3,552

1995 ............. . 71 4,931 1,176 9,827 14,440 -4,613

1996 ............. . 71 4,981 -3,034 6,793 17,122 -10,329

1997 ............. . 86 5,252 948 7,741 19,239 -11,498

1998 ............. . 87 5,321 2,052 9,793 21,811 -12,018

1999 - Est ......... . - - 531 14,484 14,484 -

1997 - Oct......... . 9 428 -80 7,661 19,165 -11,504

 Nov ........ . 7 414 -228 7,433 19,171 -11,738

 Dec ........ . 8 412 -257 7,175 19,160 -11,985

1998 - Jan......... . 6 427 -120 7,056 19,212 -12,156

 Feb......... . 6 428 -142 6,914 19,354 -12,440

 Mar......... . 8 425 -154 6,760 19,532 -12,772

 Apr ......... . 6 424 -141 6,619 20,190 -13,571

 May ........ . 9 423 138 6,757 21,173 -14,416

 June ........ . 6 669 3,100 9,857 21,261 -11,404

 July ........ . 7 423 -108 9,749 21,424 -11,675

 Aug ........ . 7 423 121 9,870 21,723 -11,853

 Sept ........ . 8 423 -77 9,793 21,811 -12,018
TRUST FUNDS 123

TA BLE TF-8.—Un em ploy ment Trust Fund

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Re ceipts

Fis cal year State Fed eral Ad vances from the De posits by Rail road In ter est and prof its

or month To tal un em ploy ment taxes un em ploy ment taxes gen eral fund Re tire ment Board on in vest ments

(1) (2) (3) (4) (5) (6)

 Ex pen di tures other than in vest ments

Re pay ment of

Fis cal year State unem- State adminis- ad vances from Fed eral adminis- Rail road adminor month To tal ployment ben e fits trative ex penses the gen eral fund trative ex penses istrative ex penses

(7) (8) (9) (10) (11) (12)

See foot notes at end of ta ble.

1994 ............ . 30,273 26,915 3,100 - 171 -

1995 ............ . 25,096 21,628 3,197 - 190 -

1996 ............ . 26,062 22,600 3,180 - 196 18

1997 ............ . 24,203 20,829 3,088 - 208 2

1998 ............ . 23,284 19,933 3,085 - 204 *

1999 - Est ........ . 27,789 27,590 - - - -

1997 - Oct ........ . 1,670 1,358 299 - 7 *

 Nov........ . 1,430 1,182 234 - 10 *

 Dec ........ . 1,979 1,748 216 - 9 *

1998 - Jan ........ . 2,427 2,062 317 - 40 -

 Feb ........ . 2,165 1,896 224 - 39 *

 Mar........ . 2,402 2,133 223 - 40 *

 Apr ........ . 2,085 1,817 252 - 10 *

 May ....... . 1,680 1,426 241 - 10 -

 June ....... . 1,799 1,533 253 - 11 *

 July........ . 2,019 1,761 244 - 9 *

 Aug........ . 1,876 1,591 271 - 9 *

 Sept ....... . 1,750 1,425 309 - 10 -

1994 ............. . 33,816 22,484 5,460 3,321 27 2,523

1995 ............. . 32,820 23,158 5,696 1,233 24 2,710

1996 ............. . 32,398 22,706 5,854 438 24 3,376

1997 ............. . 32,481 22,071 6,103 564 28 3,715

1998 ............. . 32,297 21,047 6,369 508 68 4,305

1999 - Est ......... . 35,552 24,175 6,254 526 104 4,493

1997 - Oct......... . 1,490 900 535 27 8 20

 Nov ........ . 2,579 2,279 246 48 * 5

 Dec ........ . 2,524 400 25 35 * 2,064

1998 - Jan ........ . 1,090 618 411 46 7 8

 Feb ........ . 2,656 2,027 560 61 1 7

 Mar ........ . 368 259 42 51 * 15

 Apr......... . 4,636 1,781 2,785 29 22 19

 May ........ . 8,333 7,756 514 53 4 7

 June........ . 2,497 260 32 65 * 2,139

 July ........ . 2,319 1,286 993 15 22 2

 Aug ........ . 3,537 3,300 198 29 4 6

 Sept ........ . 269 180 26 50 * 13
124 TRUST FUNDS

* Less than $500,000.

Note.—Es ti mates are based on the "Bud get of the United States Gov ern ment, Fis cal Year

1999," re leased by the Of fice of Man age ment and Bud get Feb ru ary 2, 1998.

TA BLE TF-8.—Un em ploy ment Trust Fund, con.

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 

 Ex pen di tures other than in vest ments, con.

 Rail road un em ploy ment in sur ance

Net in crease, As sets, end of pe riod

Fis cal year Ben e fit Ad min is tra tive or de crease Un ex pended 

or month pay ments ex penses (-), in as sets To tal In vest ments bal ance

(12) (13) (14) (15) (16) (17)

1994............. . 67 20 3,543 50,618 39,788 10,830

1995............. . 60 20 7,724 58,342 47,141 11,201

1996............. . 65 3 6,336 64,678 53,893 10,785

1997............. . 73 3 8,279 72,957 61,923 11,034

1998............. . 59 3 9,014 81,970 70,641 11,329

1999 - Est ........ . 73 126 7,763 78,734 78,734 -

1997 - Oct ........ . 6 * -180 72,777 61,296 11,481

 Nov ........ . 4 - 1,149 73,926 62,786 11,140

 Dec ........ . 5 * 544 74,470 63,367 11,103

1998 - Jan ........ . 7 * -1,337 73,133 61,704 11,429

 Feb ........ . 6 * 491 73,624 62,454 11,170

 Mar ........ . 6 * -2,034 71,590 60,405 11,185

 Apr ........ . 5 * 2,551 74,141 60,693 13,448

 May ........ . 3 * 6,653 80,793 69,468 11,325

 June ....... . 2 * 697 81,491 70,195 11,296

 July ........ . 4 1 299 81,790 69,693 12,097

 Aug ........ . 5 * 1,660 83,450 72,144 11,306

 Sept ....... . 5 * -1,480 81,970 70,641 11,329
TRUST FUNDS 125

TA BLE TF-9a.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 1998

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

 Fed eral Old-age Fed eral SuppleFed eral Dis- Fed eral Hos- and Sur vi vors mentary Med i cal Rail road

 In vest ment of se cu ri ties abil ity Insur- pital Insur- In sur ance In sur ance Re tire ment Un em ploy ment

Type and rate Pay able date Is sue date ance Trust Fund ance Trust Fund Trust Fund Trust Fund Ac count Trust Fund

(1) (2) (3) (4) (5) (6) (7) (8)

Pub lic is sues:

Bonds:

3-1/2% .............. . 11/15/98 10/03/60 5 - - - - 43

7-5/8................ . 02/15/02-07 02/15/77 10 - - - - -

8-1/4................ . 05/15/00-05 05/15/76 4 - - - - -

11-3/4 ............... . 02/15/05-10 02/15/80

30 - - - - -

To tal pub lic is sues ................................. .

49 - - - - 43

Gov ern ment ac count se ries:

Fed eral Dis abil ity Trust Fund ......................... . 92,552 -15,606 76,947

Fed eral Hos pi tal In sur ance Trust Fund ................. . 137,272 -19,022 118,250

Fed eral Old-age and Sur vi vors In sur ance Trust Fund ...... . 740,860 -87,579 653,282

Fed eral Sup ple men tary Med i cal In sur ance Trust Fund ..... . 65,782 -26,280 39,502

Rail road Re tire ment Account ......................... . 27,711 -7,947 19,764

Un em ploy ment Trust Fund........................... .

76,393 -5,794 70,598

To tal Government ac count se ries ................... .

1,140,570 -162,228 978,343

TA BLE TF-9b.—In vest ments of Spec ified Trust Ac counts in Pub lic Debt Se cu ri ties

by Is sue, as of Sept. 30, 1998

[In mil lions of dol lars. Source: Fi nan cial Man age ment Ser vice]

Type Is sued Re tired (-) or inflation ad justed Out stand ing

 (1) (2) (3)
126 TRUST FUNDS

TA BLE TF-15A.—High way Trust Fund

The fol low ing in for ma tion is re leased ac cord ing to the

pro vi sions of the Byrd Amend ment to the Intermodal Sur face

Trans por ta tion Ef fi ciency Act of 1991 and rep re sents data

con cern ing the High way Trust Fund. The fig ure de scribed as

“un funded au tho ri za tions” is the lat est es ti mate re ceived from

the De part ment of Trans por ta tion for fis cal 1996. The 24- and

12-month rev e nue es ti mates for the high way and mass tran sit

ac counts, re spec tively, in clude the lat est es ti mates re ceived

from the De part ment of Trea sury’s Of fice of Tax Anal y sis for

ex cise taxes, net of re funds. They rep re sent net high way receipts for those pe ri ods be gin ning at the close of fis cal 1996.

High way Ac count

[In mil lions of dol lars. Source: De part ment of Trans por ta tion]

Un funded au tho ri za tions (EOY) ................................................................................................ . 39,123

24-month rev e nue es ti mate .................................................................................................. . . 45,154

Un funded au tho ri za tions (EOY) ................................................................................................ . 4,561

12-month rev e nue es ti mate .................................................................................................. . . 7,233

Mass Transit Ac count

[In mil lions of dol lars. Source: De part ment of Trans por ta tion]
Re search Pa per Se ries 

Avail able through the Of fice of the As sis tant Sec re tary for Eco nomic Pol icy

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990.

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and

John S. Greenlees. December 1990.

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly

D. Zieschang. August 1990.

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert

Gillingham, and John S. Greenlees. February 1991.

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991.

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992.

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992.

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992.

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.”

Michael Cayton. February 1993.

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees.

April 1993.

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John

S. Greenlees. Revised April 1995.

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert

Gillingham, and John S. Greenlees. November 1995.

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan,

Robert Gillingham, and John S. Greenlees. January 1997.

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John Navratil.

December 1997.

Copies may be ob tained by writ ing to:

 Ann Bailey, De part ment of the Trea sury

1500 Penn syl va nia Ave., NW., Room 4422

Wash ing ton, D.C. 20220

Tele phone (202) 622-2010, or fax (202) 622-1294 or 622-2563.

TECH NI CAL PA PERS 127
128

With Ref er ences to Ap pli ca ble Sec tions and Ta bles

Ac crued dis count (SBN-1, -2, -3)—In ter est that ac cu mu lates

on sav ings bonds from the date of pur chase un til the date of redemp tion or fi nal ma tu rity, which ever co mes first. Se ries A, B,

C, D, E, EE, F, I and J are dis count or ac crual type

bonds—mean ing prin ci pal and in ter est are paid when bonds

are re deemed. Se ries G, H, HH, and K are cur rent-income

bonds, and the semi an nual in ter est paid to their hold ers is not

in cluded in ac crued dis count.

Amounts out stand ing and in cir cu la tion (USCC)—In -

cludes all is sues by the Bu reau of the Mint pur posely in tended

as a me dium of ex change. Coins sold by the Bu reau of the Mint

at pre mium prices are ex cluded; how ever, uncirculated coin

sets sold at face value plus han dling charge are in cluded.

Av er age dis count rate (PDO-2, -3)—In Trea sury bill auctions, pur chas ers ten der com pet i tive bids on a dis count rate basis. The av er age dis count rate is the weighted, or ad justed,

av er age of all bids ac cepted in the auc tion.

Bud get au thor ity (“Fed eral Fis cal Op er a tions”)—Con -

gress passes laws giv ing bud get au thor ity to Gov ern ment en ti -

ties, which gives the agen cies the power to spend Fed eral

funds. Con gress can stip u late var i ous cri te ria for the spend ing

of these funds. For ex am ple, Con gress can stip u late that a

given agency must spend within a spe cific year, num ber of

years, or any time in the fu ture.

 The ba sic forms of bud get au thor ity are ap pro pri a tions, author ity to bor row, con tract au thor ity, and au thor ity to ob li gate

and ex pend off set ting re ceipts and col lec tions. The pe riod of

time dur ing which Con gress makes funds avail able may be

spec i fied as 1-year, mul ti ple-year, or no-year. The avail able

amount may be clas si fied as ei ther def i nite or in def i nite; a specific amount or an un spec i fied amount can be made avail able.

Au thor ity may also be clas si fied as cur rent or per ma nent. Perma nent au thor ity re quires no cur rent ac tion by Con gress.

Bud get def i cit—The to tal, cu mu la tive amount by which budget out lays (spend ing) ex ceed bud get re ceipts (in come).

Cash man age ment bills (PDO-2)—Mar ket able Trea sury

bills of ir reg u lar ma tu rity lengths, sold pe ri od i cally to fund

short-term cash needs of Trea sury. Their sale, hav ing higher

min i mum and mul ti ple pur chase re quire ments than those of

other is sues, is gen er ally re stricted to com pet i tive bid ders.

Com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—A bid to pur chase a stated amount of one is sue of

Trea sury se cu ri ties at a spec i fied yield or dis count. The bid is

ac cepted if it is within the range ac cepted in the auc tion. (See

Non com pet i tive ten ders.)

Cou pon is sue—The is sue of bonds or notes (pub lic debt).

Cur rency no lon ger is sued (USCC)—Old and new se ries

gold and sil ver cer tif i cates, Fed eral Re serve notes, na tional

bank notes, and 1890 Se ries Trea sury notes.

Cur rent in come bonds (“U.S. Sav ings Bonds and

Notes”)—Bonds pay ing semi an nual in ter est to hold ers. In ter -

est is not in cluded in ac crued dis count.

Debt out stand ing sub ject to lim i ta tion (FD-6)—The debt

in curred by the Trea sury sub ject to the stat u tory limit set by

Con gress. Un til World War I, a spe cific amount of debt was

au tho rized to each sep a rate se cu rity is sue. Be gin ning with the

Sec ond Lib erty Loan Act of 1917, the na ture of the lim i ta tion

was mod i fied un til, in 1941, it de vel oped into an over all limit

on the out stand ing Fed eral debt. As of September 1998, the

debt limit was $5,950,000 mil lion; the limit may change from

year to year.

 The debt sub ject to lim i ta tion in cludes most of Trea sury’s

pub lic debt ex cept se cu ri ties is sued to the Fed eral Fi nancing

Bank, upon which there is a lim i ta tion of $15 bil lion, and certain cat e go ries of older debt (to tal ing ap prox i mately $595 million as of Feb ru ary 1991).

Dis count—The in ter est de ducted in ad vance when pur chas -

ing notes or bonds. (See Ac crued dis count.)

Dis count rate (PDO-2)—The dif fer ence be tween par value

and the ac tual pur chase price paid, an nu al ized over a 360-day

year. Be cause this rate is less than the ac tual yield (coupon-equivalent rate), the yield should be used in any com par i -

son with cou pon is sue se cu ri ties.

Dol lar coins (USCC)—In clude stan dard sil ver and nonsilver

coins.

Do mes tic se ries (FD-2)—Non mar ket able, in ter est and

non-interest-bearing se cu ri ties is sued pe ri od i cally by Treasury to the Res o lu tion Funding Cor po ra tion (RFC) for in vest -

ment of funds au tho rized un der sec tion 21B of the Fed eral

Home Loan Bank Act (12 U.S.C. 1441b).

Fed eral intrafund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Intrabudgetary trans ac tions in which pay ments and

re ceipts both oc cur within the same Fed eral fund group (Federal funds or trust funds).

Fed eral Re serve notes (USCC)—Is sues by the U.S. Gov ern -

ment to the pub lic through the Fed eral Re serve Banks and

their mem ber banks. They rep re sent money owed by the Govern ment to the pub lic. Cur rently, the item “Fed eral Re serve

notes—amounts out stand ing” con sists of new se ries is sues.

The Fed eral Re serve note is the only class of cur rency currently is sued.

For eign (“For eign Cur rency Po si tions,” IFS-2, -3)—Lo ca -

tions other than those in cluded un der the def i ni tion of the

United States. (See United States.)

For eigner (“Cap i tal Move ments,” IFS-2)—All in sti tu tions

and in di vid u als liv ing out side the United States, in clud ing

U.S. cit i zens liv ing abroad, and branches, sub sid iar ies, and

other af fil i ates abroad of U.S. banks and busi ness con cerns;

cen tral gov ern ments, cen tral banks, and other of fi cial in sti tu -

tions of coun tries other than the United States, and in ter na -

tional and re gional or ga ni za tions, wher ever lo cated. Also,

re fers to per sons in the United States to the ex tent that they are

known by re port ing in sti tu tions to be act ing for for eign ers.

For eign of fi cial in sti tu tions (“Cap i tal Move ments”)—In -

cludes cen tral gov ern ments of for eign coun tries, in clud ing all

Glos sary

Source: Fi nan cial Man age ment Ser vice
129

de part ments and agen cies of na tional gov ern ments; cen tral

banks, ex change au thor i ties, and all fis cal agents of for eign

na tional gov ern ments that un der take ac tiv i ties sim i lar to those

of a trea sury, cen tral bank, or sta bi li za tion fund; dip lo matic

and con sular es tab lish ments of for eign na tional gov ern ments;

and any in ter na tional or re gional or ga ni za tion, in clud ing subor di nate and af fil i ate agen cies, cre ated by treaty or con ven tion

be tween sov er eign states.

For eign pub lic bor rower (“Cap i tal Move ments”)—In -

cludes for eign of fi cial in sti tu tions, as de fined above, the corpo ra tions and agen cies of for eign cen tral gov ern ments,

in clud ing de vel op ment banks and in sti tu tions, and other agencies that are ma jor ity-owned by the cen tral gov ern ment or its

de part ments; and state pro vin cial and lo cal gov ern ments of

for eign coun tries and their de part ments and agen cies.

For eign-targeted is sue (PDO-1, -3)—For eign-targeted issues were notes sold be tween Oc to ber 1984 and Feb ru ary

1986 to for eign in sti tu tions, for eign branches of U.S. in sti tu -

tions, for eign cen tral banks or mon e tary au thor i ties, or to inter na tional or ga ni za tions in which the United States held

mem ber ship. Sold as com pan ion is sues, they could be converted to do mes tic (nor mal) Trea sury notes with the same matu rity and in ter est rates. In ter est was paid an nu ally.

Frac tional coins (USCC)—Coins minted in de nom i na tions

of 50, 25, and 10 cents, and mi nor coins (5 cents and 1 cent).

Gov ern ment ac count se ries (FD-2)—Cer tain trust fund statutes re quire the Sec re tary of the Trea sury to ap ply mon ies held

by these funds to ward the is su ance of non mar ket able spe cial

se cu ri ties. These se cu ri ties are sold di rectly by Trea sury to a

spe cific Gov ern ment agency, trust fund, or ac count. Their rate

is based on an av er age of mar ket yields on out stand ing Treasury ob li ga tions, and they may be re deemed at the op tion of

the holder. Roughly 80 per cent of these are is sued to five holders: the Fed eral Old-age and Sur vi vors In sur ance Trust Fund;

the civil ser vice re tire ment and dis abil ity fund; the Fed eral

Hos pi tal In sur ance Trust Fund; the mil i tary re tire ment fund;

and the Un em ploy ment Trust Fund.

Interfund trans ac tions (“Fed eral Fis cal Op er a -

tions”)—Trans ac tions in which pay ments are made from one

fund group (ei ther Fed eral funds or trust funds) to a re ceipt account in an other group.

In ter na tional Mon e tary Fund (“Ex change Sta bi li za tion

Fund,” IFS-1)—(IMF) Es tab lished by the United Na tions,

the IMF pro motes in ter na tional trade, sta bil ity of ex change,

and mon e tary co op er a tion. Mem bers are al lowed to draw from

the fund.

Intrabudgetary trans ac tions (“Fed eral Fis cal Op er a -

tions”)—These oc cur when pay ment and re ceipt both oc cur

within the bud get, or when pay ment is made from off-budget

Fed eral en ti ties whose bud get au thor ity and out lays are excluded from the bud get to tals.

Ma tured non-interest-bearing debt (SBN-1, -2, -3)—The

value of out stand ing sav ings bonds and notes that have

reached fi nal ma tu rity and no lon ger earn in ter est. In cludes all

Se ries A-D, F, G, I, J, and K bonds. Se ries E bonds (is sued between May 1941 and No vem ber 1965), Se ries EE (is sued

since Jan u ary 1980), Se ries H (is sued from June 1952 through

De cem ber 1979), and sav ings notes is sued be tween May 1967

and Oc to ber 1970 have a fi nal ma tu rity of 30 years. Se ries HH

bonds (is sued since Jan u ary 1980) ma ture af ter 20 years.

Non com pet i tive ten ders (“Trea sury Fi nancing Op er a -

tions”)—Of fers by an in ves tor to pur chase Trea sury se cu ri -

ties at the price equiv a lent to the weighted av er age dis count

rate or yield of ac cepted com pet i tive ten ders in a Trea sury auction. Non com pet i tive ten ders are al ways ac cepted in full.

Off-budget Fed eral en ti ties (“Fed eral Fis cal Op er a -

tions”)—Fed erally owned and con trolled en ti ties whose

trans ac tions are ex cluded from the bud get to tals un der pro vi -

sions of law. Their re ceipts, out lays, and sur plus or def i cit are

not in cluded in bud get re ceipts, out lays, or def i cits. Their budget au thor ity is not in cluded in to tals of the bud get.

Out lays (“Fed eral Fis cal Op er a tions”)—Pay ments on ob li -

ga tions in the form of cash, checks, the is su ance of bonds or

notes, or the ma tur ing of in ter est cou pons.

Own for eign of fices (“Cap i tal Move ments”)—Re fers to

U.S. re port ing in sti tu tions’ par ent or ga ni za tions, branches

and/or ma jor ity-owned sub sid iar ies lo cated out side the

United States.

Par value—The face value of bonds or notes, in clud ing in ter -

est.

Quar terly fi nanc ing (“Trea sury Fi nancing Op er a -

tions”)—Trea sury has his tor i cally of fered pack ages of several “cou pon” se cu rity is sues on the 15th of Feb ru ary, May,

Au gust, and No vem ber, or on the next work ing day. These issues cur rently con sist of a 3-year note, a 10-year note, and a

30-year bond. Trea sury some times of fers ad di tional amounts

of out stand ing long-term notes or bonds, rather than sell ing

new se cu rity is sues. (See Re opening.)

Re ceipts (“Fed eral Fis cal Op er a tions”)—Funds col lected

from sell ing land, cap i tal, or ser vices, as well as col lec tions

from the pub lic (bud get re ceipts), such as taxes, fines, du ties,

and fees.

Re opening (PDO-3, -4)—The of fer for sale of ad di tional

amounts of out stand ing is sues, rather than an en tirely new issue. A re opened is sue will al ways have the same ma tu rity

date, CUSIP-number, and in ter est rate as the orig i nal is sue.

Spe cial draw ing rights (“Ex change Sta bi li za tion Fund,”

IFS-1)—In ter na tional as sets cre ated by IMF that serve to increase in ter na tional li quid ity and pro vide ad di tional in ter na -

tional re serves. SDRs may be pur chased and sold among

el i gi ble hold ers through IMF. (See IMF.)

 SDR al lo ca tions are the coun ter part to SDRs is sued by IMF

based on mem bers’ quo tas in IMF. Al though shown in exchange sta bi li za tion fund (ESF) state ments as li a bil i ties, they

must be re deemed by ESF only in the event of liq ui da tion of,

or U.S. with drawal from, the SDR de part ment of IMF or cancel la tion of SDRs.

 SDR cer tif i cates are is sued to the Fed eral Re serve Sys tem

against SDRs when SDRs are le gal ized as money. Pro ceeds of

mon e ti za tion are de pos ited into an ESF ac count at the Fed eral

Re serve Bank of New York.

Spot (“For eign Cur rency Po si tions”)—Due for re ceipt or

de liv ery within 2 work days.

State and lo cal gov ern ment se ries (FD-2)—(SLUGs) Special non mar ket able cer tif i cates, notes, and bonds of fered to

Glos sary
130

State and lo cal gov ern ments as a means to in vest pro ceeds

from their own tax-exempt fi nanc ing. In ter est rates and ma tu -

ri ties com ply with IRS ar bi trage pro vi sions. SLUGs are offered in both time de posit and de mand de posit forms. Time

de posit cer tif i cates have ma tu ri ties of up to 1 year. Notes mature in 1 to 10 years and bonds ma ture in more than 10 years.

De mand de posit se cu ri ties are 1-day cer tif i cates rolled over

with a rate ad just ment daily.

Stat u tory debt limit (FD-6)—By Act of Con gress there is a

limit, ei ther tem po rary or per ma nent, on the amount of pub lic

debt that may be out stand ing. When this limit is reached, Treasury may not sell new debt is sues un til Con gress in creases or

ex tends the limit. For a de tailed list ing of changes in the limit

since 1941, see the Bud get of the United States Gov ern ment.

(See debt out stand ing sub ject to lim i ta tion.)

STRIPS (PDO-1, -3)—Sep a rate Trading of Reg is tered In ter -

est and Prin ci pal Se cu ri ties. Long-term notes and bonds may

be di vided into prin ci pal and in ter est-paying com po nents,

which may be trans ferred and sold in amounts as small as

$1,000. STRIPS are sold at auc tion at a min i mum par amount,

vary ing for each is sue. The amount is an arith me tic func tion of

the is sue’s in ter est rate.

Trea sury bills—The short est term Fed eral se cu rity (ma tu rity

dates nor mally vary ing from 3 to 12 months), they are sold at a

dis count.

Trust fund trans ac tion (“Fed eral Fis cal Op er a -

tions”)—An intra-budgetary trans ac tion in which both payments and re ceipts oc cur within the same trust fund group.

United States—In cludes the 50 States, Dis trict of Co lum bia,

Com mon wealth of Puerto Rico, Amer i can Sa moa, Mid way

Is land, Vir gin Is lands, Wake Is land, and all other ter ri to ries

and pos ses sions.

U.S. notes (USCC)—Le gal ten der notes of five dif fer ent issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863

($5-$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10

notes).

Glos sary